Kincora Copper Ltd. (TSX-V:KCC) is pleased to announce that it has closed the previously announced non-brokered private placement for gross proceeds of $4,524,687 through the issuance of 13,711,174 Units at a price of C$0.33 per Unit. Each Unit is comprised of one common share and one-half of a share purchase warrant with each whole warrant entitling the holder to acquire a further Share at C$0.445 for a period of two years. The private placement is subject to final TSX-V approval.
Proceeds from the offering will accelerate Kincora’s exploration and expansion strategy. In 2016, Kincora surpassed Rio Tinto, and related entities, to become the dominant landholder along the Devonian copper-gold belt (100% ownership of 1437 km2). Kincora will shortly initiate an extensive two-phase drill program at the East Tsagaan Suvarga and Bayan Tal targets for up to 16,000 metres (up to 8,000 metres at both targets), while advancing its district scale multi-target, multi-stage pipeline up the value curve.
All Units issued are subject to a four-month hold period expiring four months and one day from the date of issuance.
Sam Spring, President & CEO, commented: “We are encouraged by the support received from new and existing investors despite a challenging market for junior explorers, with many new groups having undertaken detailed due diligence providing validation of our exciting dual exploration and expansion strategy.
This is testament to the quality of Kincora’s targets and the strategic value of our dominant position in this highly mineralized but vastly underexplored Devonian belt, which we are shortly looking to drill test for the first time by any explorer since 2012. This new equity will significantly strengthen Kincora’s ability to test a number of Tier 1 copper porphyry targets while enabling the Company to further enhance its holdings on the belt.
The copper price remains favourable, with prices increasing 50% since we secured the IBEX transaction, and with multiple value add work streams now funded we plan to shortly increase awareness for what is effectively a new copper junior to the wider public markets.”
Further details are provided in an updated presentation on the Kincora website: http://kincoracopper.com/investors/corporate-presentation
The Company paid finder’s fees of $120,613 and issued 365,493 broker warrants in connection with the offering. Each broker warrant entitles the holder to acquire a further Share at C$0.445 for a period of one year.
Post the aforementioned offering Kincora has 64,445,068 issued shares with a total of 10,168,578 warrants outstanding.
Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in Mongolia.
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