Zara Provides Letter of Transmittal to Shareholders of Visible Gold Mines Inc
Zara Provides Letter of Transmittal to Shareholders of Visible Gold Mines Inc
This news release is not for distribution or dissemination in the United States of America
Toronto, Ontario CANADA, June 19, 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 (the "Offer"), it has posted the Offer and the Letter of Transmittal on its website at www.ZaraVisibleSupportTheNewBoard.com.
Zara is pleased to announce it has already received expressions of support for the Offer and for Zara's proposals from Visible shareholders.
Shareholders of Visible can accept the Offer by downloading, signing and sending the Offer and Letter of Transmittal to Zara by way of email, fax or mail.
Also on this website, Zara explains why the Visible shareholders should vote to replace the current Visible board with new directors at the forthcoming Special Meeting of shareholders.
Danny Wettreich the CEO of Zara and a significant shareholder of Visible, commented "The current directors, who own only 1.6% of Visible, have overseen a 96% decline in the price of Visible shares since October 2010, and they have spent millions of dollars with little result. With that record, there is no reason for the Visible shareholders to continue with the current directors. Visible shareholders should vote for change and elect Zara's nominees for the proposed new board of directors, or alternatively accept the Zara Offer"
The Zara Offer represents a 125% premium to the price of Visible shares prior to the Offer, and encompasses up to 11,369,767 Visible shares 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
To view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/zara06192013.pdf
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