Toronto, Ontario--(Newsfile Corp. - October 21, 2014) - Zara Resources Inc. (CSE: ZRI) ("Zara" or the "Company") and Daniel Wettreich its Chairman and CEO, together with Sammiri Capital Inc. ("Sammiri"), a private company that is wholly owned by Mr Wettreich, announce that Mr.Wettreich has sold and Sammiri has purchased an aggregate of 1,076,000 common shares in the capital of Zara. This reorganization of Mr.Wettreich's shareholdings was carried out for investment purposes.
Immediately after the transaction and including the shares held by Sammiri, Mr.Wettreich continues to hold, directly and indirectly, an aggregate of 23,652,102 common shares of the Company, representing approximately 72.51% of the Company's issued and outstanding common shares. Sammiri acquired the above-noted common shares of the Company for investment purposes and it may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the common shares or other securities of the Company, through market transactions, private agreements, or otherwise. The consideration for the securities acquired by Sammiri was at a deemed price of $0.005 per share. The sale of the above-noted common shares of the Company by Mr. Wettreich to Sammiri was carried out pursuant to an exemption from prospectus requirements as set out in Section 2.8 of National Instrument 45-102 - Prospectus and Registration Exemptions
About Zara Resources
Zara is a Toronto, Ontario-based mineral company exploring its Forge Lake gold project and its Pigeon River nickel-copper project in Ontario, Canada. For further information please visit our website at www.ZaraResourcesInc.com.
For further information:
Danny Wettreich,
Chairman & CEO
Zara Resources Inc.
Email: dw@zararesourcesinc.com
647-931-9775
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 information 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 information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release
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