Zacapa Resources Ltd. (TSXV: ZACA | OTCQB: ZACAF | DE: BH0) has completed an internal reorganization splitting its gold and copper assets into separate wholly owned Nevada subsidiaries.
Zacapa Gold Corporation now holds the South Bullfrog project in the Beatty district of Nevada and Miller Mountain project in Idaho. Zaya Resources Ltd. holds the Red Top and Pearl porphyry copper projects in Arizona.
The board of directors of Zacapa is considering a transaction, or series of transactions, to maximize Zacapa’s asset portfolio whereby Zacapa’s copper assets currently held in Zaya would ultimately be held in another publicly listed company and existing Zacapa shareholders would hold their interests in two companies relative to their shareholdings in Zacapa. Zacapa Gold will focus on drilling the Bullfrog and Miller Mountain projects, while Zaya or the resulting issuer of Zaya, pending the potential transaction, will capture additional long-term value of the copper assets for Zacapa shareholders as a separate publicly listed company.
It is anticipated that the financing announced on September 29, 2022, will be the final financing before the board decides and undertakes the potential transaction. As the potential transaction will be completed after the closing of the upcoming financing, subscribers in the upcoming financing will automatically acquire a direct interest in both entities relative to their shareholdings in Zacapa following completing of the Potential Transaction.
Zacapa is a copper focused mineral exploration company engaged in responsible exploration for the new energy economy. Its projects are concentrated in world class jurisdictions in the southwest U.S., including Arizona, Nevada, and Idaho. The portfolio includes porphyry copper projects at Red Top and Pearl and epithermal gold projects at South Bullfrog and Miller Mountain. These assets are being advanced by a highly disciplined and seasoned professional team with successful track records of discovery, resource development and mine permitting.
To read more, please visit www.zacaparesources.com
