ScoZinc Receives Court Approval for Arrangement with Fancamp
Halifax, Nova Scotia--(Newsfile Corp. - April 20, 2021) - ScoZinc Mining Ltd. (TSXV: SZM) ("ScoZinc" or the "Company") is pleased to announce that the British Columbia Supreme Court has granted a final order approving the plan of arrangement between ScoZinc and Fancamp Exploration Ltd. ("Fancamp") required to implement the business combination (the "Transaction").
ScoZinc's President and CEO, Mr. Mark Haywood, commented: "Last week, ScoZinc received overwhelming securityholder support at its Extraordinary General Meeting for the business combination with Fancamp, and with yesterday's receipt of the final order from the BC Supreme Court, ScoZinc is now ready to close the transaction and has communicated this to Fancamp."
Closing of the Transaction by Fancamp is subject to approval of the TSX Venture Exchange ("TSXV") which Fancamp advises that it anticipates obtaining shortly but which has not yet been received. Fancamp has additionally advised that a dissident shareholder of Fancamp, Mr. Peter H. Smith, has also made an application to the British Columbia Securities Commission ("BCSC") to stay or overturn any decision by the TSXV approving the Transaction, and to require that Fancamp obtain shareholder approval for the Transaction. Fancamp has undertaken to the BCSC not to close the Transaction until after April 28, 2021 pending hearing of the application.
ScoZinc anticipates that Fancamp will be successful in proceedings before the BCSC and expects the Transaction to close shortly thereafter in accordance with the terms of the February 12, 2021 arrangement agreement between ScoZinc and Fancamp. Accordingly, ScoZinc looks forward to closing the Transaction shortly after April 28, 2021.
ScoZinc has received conditional approval from the TSXV for the Transaction, but remains subject to the final approval of the TSXV.
ScoZinc will issue a further news release when a new closing date for the Transaction has been scheduled.
About ScoZinc Mining Ltd.
ScoZinc is a Canadian exploration and mining company that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia. ScoZinc also holds several prospective exploration licenses nearby its Scotia Mine and in surrounding regions of Nova Scotia.
The Company's common shares are traded on the TSX Venture Exchange under the symbol "SZM".
For more information, please contact:
President & Chief Executive Officer
Chief Financial Officer
VP Investor Relations
The Company's corporate filings and technical reports can be viewed on the Company's SEDAR profile at www.sedar.com. Further information on ScoZinc is also available on Facebook at www.facebook.com/ScoZinc, Twitter at www.twitter.com/ScoZincMining, and LinkedIn at www.linkedin.com/company/scozinc-mining-ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release includes certain forward-looking statements which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ScoZinc's expectations include, among others, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves, the degree to which factors which would make a mineral deposit commercially viable are present, the price of zinc and lead, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of metals, ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business, as well as those factors discussed in the section entitled "Risk Factors" in ScoZinc's management's discussion and analysis of the Company's financial statements for the period ended September 30, 2020. Although ScoZinc has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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