/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES//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 – 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.