Redhawk restructures ZincOx relationship

ZincOx Resources of London has relinquished its right to earn a half-interest in the Remac zinc oxide project in southeastern British Columbia and sold its interest in the Torlon property in Guatemala to Redhawk Resources (RDK-V) for 250,000 of the junior’s shares.

In addition, ZincOx has invested $125,000 in Redhawk by subscribing to a private placement of 357,000 shares at a price of 35 each. In exchange for providing technical and metallurgical assistance at cost for the next four years, ZincOx will have the right to purchase a further 600,000 shares at 35 in the first two years and at 50 for the following two years. ZincOx now owns a 24.3% stake in Redhawk.