Kincora closes oversubscribed offering
/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
- Two new institutions added as shareholders
- Debt settled with HPX Techco Inc
VANCOUVER, Dec. 20, 2016 /CNW/ - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV:KCC) is pleased to announce that it has closed the previously announced non-brokered private placement for gross proceeds of $532,584 through the issuance of 1,543,720 shares at a price of C$0.345 per share, subject to TSX-V approval.
Concurrent with, and on the same terms of, closing the non-brokered price placement 186,831 shares have been issued to HPX Techco Inc., an affiliate of High Power Ventures, on account of loans made in the course of the IBEX Transaction.
Proceeds from the offering will be applied to the advancing Kincora's exploration portfolio which includes a unique multi-target, multi-stage pipeline, between and on strike from Rio Tinto's largest global expansion project, the Oyu Tolgoi mine, and the Tsagaan Suvarga Serven Sukhait development project in the Southern Gobi, Mongolia, and for working capital.
All shares issued are subject to a four-month hold period expiring April 21st, 2017.
Sam Spring, President & CEO, commented: "We are pleased to close this offering following an approach from one of the leading junior natural resource investors, and also welcome a second new institutional investor to the shareholder register.
The raising and conversion of a small loan to HPX into equity caps off a busy period. Since last month, we closed the IBEX transaction to consolidate the dominant regional landholding in the Southern Gobi copper belt, announced our new team with an exceptional track record with Tier 1 porphyries, concluded field season activities, and started outlining our priority exploration targets and strategy to create value for shareholders.
We look forward to providing ongoing updates as we advance both our exploration and corporate strategy, and reengaging with the market outlining a new and exciting copper opportunity."
The Company paid finder's fees of $4,201 in connection with the offering.
Post the aforementioned offering and debt conversion Kincora has 50,352,510 issued shares with existing 2,947,500 warrants outstanding. The warrants have an exercise price of $0.54, expiry November 28 2018 and are subject to potential acceleration in term under certain circumstances.
About Kincora
Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on potential Tier 1 copper-gold projects in Mongolia.
Recent news flow (all available at www.kincoracopper.com)
| Dec 15th | - Announces increase in Private Placement |
| Dec 7th | - Announced Private Placement, Debt Settlement |
| Nov 28th | - Re-registration of IBEX licenses achieved, field activities concluded |
| MINEX forum London presentation (video recording and presentation) | |
| Nov 22nd | - Proactive Investors article: Kincora Copper now has a solid base from which to embark on a serious elephant hunt |
| Nov 18th | - Proactive Investors interview: Kincora Copper Ltd. 'excited' by targets identified at Bayan Tal in Mongolia |
| Nov 17th | - Kincora outlines multi-target, multi-stage strategy for Tier 1 porphyry copper-gold exploration in Mongolia |
| New presentations: The leading expansion strategy along an emerging world class belt | |
| Nov 14th | - Copper experts credited with multiple Tier 1 discoveries join Kincora's team |
| Nov 7th | - Closing achieved for Kincora consolidating the dominant landholding in the Southern Gobi copper (gold) belt |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Kincora Copper Ltd.
Contact
Sam Spring, President and Chief Executive Officer, sam.spring@kincoracopper.com or +61431 329 345