News Column

Zara Amends Letter Of Intent

July 3, 2014



ENP Newswire - 03 July 2014

Release date- 02072014 - Toronto, Ontario - Zara Resources Inc (CSE:ZRI) announces that it signed on June 14, 2014 an amendment to the Letter of Intent previously signed on May 30, 2014 which, among other matters, makes 100% of the consideration for the purchase of the recreational marine assets to comprise of newly issued shares of Zara.

At closing the consideration will now be $500,000 payable by the issuance of 10,000,000 new Zara shares at $0.05 per share. No acquisition financing will now be required to complete the transaction. However, closing of the Agreement will now be subject to the completion of a private placement of no less than 7,000,000 new Zara shares at $0.05 per share to provide working capital.

The name of the subsidiary of Zara that, prior to closing and subject to approval of Zara shareholders and regulatory authorities, will own all of the Zara mineral assets and which will be distributed to Zara shareholders by way of a Plan of Arrangement, will now be called Desi Assets Inc. A further press release providing more information will be issued by the Company in due course.

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, as well as the acquisition and development of other Canadian natural resource properties.

Contact:

Danny Wettreich

Chairman & CEO

Zara Resources Inc.

Tel: 647-931-9775

Email: 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 informational 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 informational, future events or results or otherwise, other than as required by applicable securities laws.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: ENP Newswire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters