VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2013) - Redzone Resources Ltd. ("REZ" or the "Company") (TSX:REZ) reports that it has filed its unaudited condensed interim consolidated financial statements for the three and nine months ended January 31, 2013 and the related management's discussion and analysis ("MD&A").
The Company reported a net loss for the three and nine months ended January 31, 2013 of $0.2 million and $0.6 million, compared with $0.3 million and $1.1 million for the comparative periods in 2012.
The Company issued the last tranche of 250,000 common shares related to the acquisition of 55% of all the securities of Minas Dixon S.A ("Minas"), who is the title holder of the Lara and Tingo Este properties and expects the acquisition to be finalized by April 30, 2013.
The Company has $1.6 million in cash and remains active in its search for a value adding acquisition to see the Company to its goal of being a mid-tier mining company.
The Company approved a grant of 2,600,000 stock options with a strike price of $0.11 and a term of 5 years from the date of grant. This included a grant of 2,100,000 stock options to the Chief Executive in lieu of salary for the calendar year 2013 in order to conserve cash with the value of the stock options granted using the Black Scholes valuation method being equivalent to the salary that would have otherwise been paid. These options vest on a monthly basis over the calendar year. The granting of the remaining 500,000 stock options relate to the Company entering into an agreement for advisory services with a third party, which will ultimately replace 500,000 options previously granted to this advisor. These options vest and become exercisable on the day following the successful completion of specific deliverables, as set out in the agreement. All the stock options granted are still subject to shareholder approval.
Copies of the unaudited condensed interim consolidated financial statements and related MD&A can be found on SEDAR at www.sedar.com.
About Redzone Resources Ltd.
Redzone is a mineral exploration company focused on the acquisition and exploration of properties with prospects for hosting gold and base metal deposits in Peru. Redzone is listed on the Toronto Stock Exchange (REZ) and more information can be found at www.redzoneresources.ca.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans and objectives of Redzone Resources Ltd. are forward-looking statements that involve various risks. The following are important factors that could cause Redzone Resources' actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Redzone Resources undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
Redzone Resources Ltd.
President and Chief Executive Officer