Vancouver, BC – April 09th, 2020 – Further to its news release dated March 18th, 2020, Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) announces that it has issued total of 2,483,480 shares to certain directors, officers and service providers on account of services (Shares for Services) rendered during the period July 01 – September 30, 2019 (Q3) and October 01, 2019 – December 31, 2019 (Q4).
The Company has issued 1,043,480 shares at a deemed price of 0.069 cents per share for services provided during the Q3 period and 1,440,000 shares at a deemed price of 0.05 cents per share for services provided during the Q4 period.
The Company’s Shares for Services plan covered over these periods was approved by written consent from disinterested shareholders and approved by the TSX Venture Exchange as originally announced November 14, 2016. This plan, and the updated plan passed at the 2019 Annual General Meeting on September 26th, 2019, seeks to provide competitive packages to retain and attract key executives, align all senior executives/directors to the creation of value for shareholders, and minimize the cash overheads of the Company. During the September 26, 2019 Annual General Meeting amendment to the original Management agreements were approved by disinterested shareholders with an effective date of January 01, 2019.