TurkPower Corporation Announces Issuance of Shares and Debt Conversion
NEW YORK, Oct. 1, 2012 /PRNewswire/ -- TurkPower Corporation (TRKP) (the "Company") announced today that it has issued the first tranche of shares to Ouro do Brasil Holdings ("OBH") and IMS Engenharia Mineral Ltda. ("IMS") shareholders according to the Binding Agreement signed August 14, 2012 between the Company, OBH and IMS.
The Company also announced that $2,328,661.20 of its outstanding debt has been converted into common shares at $0.10, resulting in new issuance of common shares of 23,286,612. The Company expects more of its debt to be converted in the near future.
About TurkPower Corporation / Zinco do Brasil, Inc.
TurkPower Corporation is a publicly listed company (Ticker: TRKP) in the process of changing its name to Zinco do Brasil, Inc. The Company recently acquired 99.9% of Zinco do Brasil Mineracao Ltda., which owns 30 mineral rights for a total of 44,665 hectares in the Brazilian state of Minas Gerais. The mineral rights are split between two projects: "Salobro", which consists of 2 mining rights for an area of 1,685 hectares; and "Gorutuba" with 28 mining rights for an area of 42,980 hectares.
TurkPower has mining interests in Russia as well as a minority interest in the Kuluncak mine, an iron ore mine in Turkey formerly owned by Exxaro. TurkPower is currently in the process of evaluating its options and defining its strategy regarding its asset in Russia and Turkey.
About Ouro do Brasil Holdings
OBH is a privately owned company with vast business interests in the mining space, particularly in Brazil. OBH is fully owned by management, its board of directors and other mining professionals, including Ahmet Calik, Ed Dowling, Adam Fleming and Jose Mendo do Souza.
Certain statements in this news release are forward-looking statements. Words such as "expects", "intends", "plans", "proposes", "may", "could", "should", "anticipates", "estimates", "likely", "possible", "potential", "believes" and words of similar import may identify forward-looking statements. Such statements are based on management's and the Company's independent mining consultant's current expectations, estimates and projections about the companies' businesses, are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors beyond the control of either of the companies, including, but not limited to, the successful completion of the merger; the combined company's ability to raise the required additional capital to develop its mining assets and to identify other acquisition and/or joint venture opportunities in the mining sector, and to establish the technical and managerial infrastructure necessary to take advantage of, and successfully participate in, such opportunities; future economic conditions; demand for manganese and other minerals the company may seek to extract; political stability; and changes in governmental regulations, and financial capabilities of the Company. Additional information on risks and other factors that may affect the business and financial results of TurkPower and the combined company can be found in filings of TurkPower with the U.S. Securities and Exchange Commission. The Company encourages any current or potential shareholder to read all the public filings before making a decision to invest in the shares of any public company.
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SOURCE TurkPower Corporation