Kincora Completes Debt Conversion and Issuance of Shares
Kincora issues shares for services and debt, and is attending PDAC
· Remuneration aligned to shareholders: 254,112 shares issued to technical committee and directors
· Debt conversion to HPX Techco Inc.: 186,831 shares issued for cash loans made during the course of the IBEX transaction
· Initial field season activities continue, management attending PDAC with further marketing aimed at increasing awareness of the transformational transaction, new technical team, and exploration and expansion strategies outlined in the last quarter
Vancouver, BC — March 2, 2017
Kincora Copper Limited (the “Company”) (TSXV:KCC). Further to its news release of November 14, 2016 the Company announces the issuance of 254,112 shares (the “Services Shares”) at a deemed price of $0.425 per share to certain directors, officers and service providers on account of services rendered during the period October 1, 2016 to December 31, 2016. The Services Shares are subject to a 4-month hold period expiring June 23, 2017.
The Company also announces the issuance of 186,831 shares (the “Debt Shares”) to HPX Techco Inc., an affiliate of High Power Ventures, at a deemed price of $0.345 per share. As detailed in the Company’s news release of December 7, 2016, the Debt Shares are being issued in repayment of loans totalling US$48,576 made during the course of the IBEX Transaction. The Debt Shares are subject to a 4-month hold period expiring July 2, 2017.
Sam Spring, President and CEO, stated: “Following the IBEX transaction and appointment of the new technical team, Kincora has implemented remuneration packages where the technical committee and board receive over 70% of total compensation in shares, issued quarterly in arrears.
The team in place has a unique track record of Tier 1 copper porphyry success, expansion and operating activities in Mongolia, and such remuneration packages provides skin in the game, remuneration aligned with shareholders and supports capital constrained budgets maximizing value add activities. The Company also has high insider ownership with the board, technical and advisory teams representing over 45% of outstanding common shares.
As initial field season activities continue and preparations advance looking to drill two targets with geological models analogous to the nearby large scale copper mines, Kincora is attending PDAC, with further marketing later in the month to increase awareness of our exploration and expansion strategy following completion of the IBEX transaction only last quarter”.
Kincora has 50,606,622 shares and 2,947,500 warrants outstanding. The warrants have an exercise price of $0.54, expire November 28, 2018 subject to potential acceleration of the expiry date under certain circumstances.
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For further details or to met management please contact: firstname.lastname@example.org
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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.
For further information, please contact:
Sam Spring, President and Chief Executive Officer
email@example.com or +61431 329 345
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.