By issuing 6.8 million common shares, Zappa Resources (VSE) plans to acquire 14 mineral property interests in Ecuador.
On closing, 2.5 million shares will be issued to shareholders of Prominex, the Ecuadorian company which owns the interests either directly or through option agreements.
The balance of 4.3 million shares will be held in escrow and may be released upon completion of a feasibility study demonstrating a minimum value of $4.3 million for the company’s resource assets or the receipt of $4.3 million in gross revenue.
Zappa plans to announce financing and reorganization plans in the near future, including a rights offering to shareholders of the company.
Be the first to comment on "LATIN AMERICAN ROUNDUP — Zappa acquires Ecuador ground"