Vancouver, British Columbia, June 21, 2013 - Zara Resources (CNSX:ZRI), has followed up its recent offer to purchase up to 19.9% of the shares of Visible Gold Mines (TSXV:VGD), by sending out a letter to shareholders containing all the documents required to tender the Visible shares.
Mr. Wettreich stated, "I am also a shareholder of Visible. I have requisitioned a Special Meeting of the shareholders of Visible in order to replace the current board of directors of Visible with Zara's nominees, and I am seeking your support."
According to the latest news release issued by Zara Resources:
The current Directors only own 1.6% of Visible's shares
They have received $769,585 in fees in the last 3 years
They have spent over $12 million with little result and no commercially viable gold deposit being identified
They recently stated ".a significantly depressed share price provides the Corporation with few alternatives other than to significantly reduce its exploration activities."
In addition, Mr. Wettreich stated that, "Despite being inactive, the Current Directors continue to draw their fees. With that record, there is no reason for the Visible shareholders to continue with the Current Directors."
The Offer is priced at $0.03375 per share to be satisfied by the issuance of Zara shares, with tendering shareholders receiving 0.28125 shares of Zara in exchange for each tendered share of Visible.
Zara is a Toronto based mineral company developing its Forge Lake gold project and its Pigeon River nickel-copper project in Ontario.
Zara is currently trading at $0.12, and with 33.4 million shares outstanding, is capitalized at $4 million.
For more information about Zara, please visit the company's website at www.ZaraResourcesInc.com (http://www.ZaraResourcesInc.com/), call Danny Wettreich at 647-931-9775 or email email@example.com (mailto:firstname.lastname@example.org).
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Source: InvestmentPitch via Thomson Reuters ONE