Zara Announces Requisition for a Special Meeting of Shareholders of Visible Gold Mines Inc. to Replace the Board of Directors
Zara Announces Requisition for a Special Meeting of Shareholders of Visible Gold Mines Inc. to Replace the Board of Directors
This news release is not for distribution or dissemination in the United States of America
Toronto, Ontario CANADA, June 12, 2013 /FSC/ - Zara Resources Inc. (ZRI - CNSX), ("Zara") announces that, further to its offer to purchase up to 19.9% of the shares of Visible Gold Mines Inc. (TSXV: VGD) ("Visible") at a price of $0.03375 per Visible share, Danny Wettreich the CEO of Zara and a shareholder of Visible, has requisitioned a Special Meeting of shareholders of Visible. The purpose of the Special Meeting is to remove the current directors of Visible and elect new directors.
Zara will propose new directors for Visible, giving Visible shareholders renewed hope that the decline in the fortunes of Visible can be reversed by a fresh management team.
Visible shareholders can view all the information regarding the Offer to purchase their shares, the proposed new Visible board of directors, the reasons why the Visible shareholders should support the proposed new directors, and a video presentation of the Offer at www.ZaraVisibleSupportTheNewBoard.com.
The CEO of Zara, Danny Wettreich, commented, "The current directors of Visible own only 1.6% of Visible and in the last three years have been paid $769,585 in fees. Visible shareholders have every reason to be disenchanted with the performance of Visible management as the price of Visible shares has declined by 96% since October 2010. The Zara Offer represents a 125% premium to the price of Visible shares prior to the Offer. Visible shareholders should either tender their shares to Zara or support Zara's nominees for the proposed new board of directors."
The Offer is to purchase up to 11,369,767 Visible shares representing up to 19.9% of the issued and outstanding shares of Visible. The Offer is at a price of $0.03375 per share to be satisfied by the issuance of Zara shares. Tendering shareholders will receive 0.28125 shares of Zara in exchange for each tendered share of Visible. The Offer is open to tendering shareholders in Canada who are Accredited Investors, as defined in applicable securities legislation.
About Zara Resources
Zara is a Toronto based mineral company developing its Forge Lake gold project and its Pigeon River nickel-copper project in Ontario, Canada. It continues to seek the acquisition of other Canadian natural resource properties.
For more information please see www.ZaraResourcesInc.com or contact Danny Wettreich at (647) 931 9775 or dw@zararesourcesinc.com
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Zara Resources Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CNSX has not reviewed, approved or disapproved the content of this press release
Zara Resources Inc.
208 Queens Quay West,
Suite 2506,
Toronto, Ontario,
M5J 2Y5
Phone: (647) 931 9775
To view this press release as a PDF file, click onto the following link:
http://www.usetdas.com/pr/ZaraJune122013.pdf
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