ZincOx Resources said its status was that of a cash shell. In the absence of a reverse takeover, its shares faced suspension on Oct. 28 and potential six months thereafter potential ceasing of their admission to AIM.
"ZincOx's management continues to look for a project around which the Company could be re-built so that its shares could be publicly traded and a number of opportunities are being examined," the company said.
"Obtaining a suitable project remains the Company's absolute priority but, in addition, the Company is seeking to realise the maximum value of its existing assets.
"The Board believes that the strategic objectives of the Company are currently best served by its shares being unquoted.
"In view of the above and following discussions with its advisors, the Board has decided not to proceed with use of the ISDX market as a further platform for the trading of the Company's shares, as referred to in previous announcements.
"In addition to the Company's considerable technical know-how and intellectual property, the Company maintains an 8.7% interest in the Korean Recycling Plant and owns a valuable plot of industrial land in Turkey.
"However, it should be noted that the Company has corporate loan notes amounting to £3.78 million which have interest accruing from 1st August 2016 at the rate of 10% per annum and which is due for repayment in January 2018."
At 10:00am: (LON:ZOX) ZincOx Resources PLC share price was -0.25p at 0.45p