Uncategorized
Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

Kincora Closes Private Placement with the European Bank for Reconstruction and Development

 

 

 

 

 

Kincora Copper Limited (TSX-V:KCC) announces it has closed a second tranche non-brokered private placement of units at C$0.33 per Unit to raise C$1,400,000.  The Second Tranche Private Placement follows closing of a First Tranche on August 22nd 2017, with total gross funds raised being C$5.92m, supporting a well funded and aggressive exploration and expansion strategy. 

 

 

As per the Company’s September 22nd, 2017 press release, 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 EBRD holds certain pre-emptive rights to acquire further shares of Kincora in future private placements and requires that EBRD consent to a disposition of any interest in the Company’s Mongolian subsidiaries.

 

 

Sam Spring, President and CEO of Kincora, stated: “Following an extensive due diligence process we are delighted to have EBRD as a new shareholder. The Bank is a significant investor in some of Mongolia’s largest mining projects and has provided finance to assist the development of the two existing economic copper projects in the Devonian belt. EBRD’s investment is testament to the growing belief that Kincora holds some of the most exciting exploration assets along one of the last great underexplored copper belts.

 

 

In the last two months, Kincora has attracted two new significant investors who are well known in the industry and now also sit alongside HPX with a shareholding of approx. 6%.

 

 

This Second Tranche strengthens our balance sheet to accelerate ongoing exploration activities, and with the fund raising process now concluded operational news flow is set to accelerate”.

 

 

Eric Rasmussen, Director, Natural Resources commented: “We are pleased to support the exploration plans of Kincora with an equity investment. It is strategically important for Mongolia to attract quality investors into metals and minerals exploration in order to realize the high potential for mining.”

 

 

Background to EBRD

 

 

EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 66 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. EBRD is one of the largest institutional investors in Mongolia and a large investor in the Southern Gobi region, including being a syndicate member in the project financing of the underground development of Oyu Tolgoi.  

 

 

Mongolia became an EBRD country of operations in October 2006 and since the beginning of its operations in Mongolia, the EBRD has committed through debt and equity investments more than EUR 1.42 billion to the Mongolian private sector through 92 projects in sectors ranging from banking to manufacturing and from mining to agribusiness.

 

 

Kincora updated corporate structure

 

 

Kincora has granted to directors a total of 424,242 stock options under the Company’s stock option plan. The options have a two-year term from issuance date being exercisable at a price of $0.445 per share. The options will vest over a four-month period from the issuance date.

 

 

All new Shares and Warrants issued are subject to a 4-month hold period, expiring February 12th, 2018.

 

 

Following these issuances, Kincora has 68,854,232 issued shares, a total of 10,168,580 warrants and 6,885,423 stock options outstanding.

 

 

About Kincora

 

 

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.

 

Posted October 11, 2017

Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

MORE or "UNCATEGORIZED"


The Week of July 9th to July 15th, 2018 “A Brief Look Back into Tomorrow”

The new North American trading week began of Monday, July 9th wit... READ MORE

July 16, 2018

Lundin Mining Announces Intention to Make All Cash Offer to Acquire Nevsun Resources Ltd.

Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI) ann... READ MORE

July 16, 2018

Colibri Resource Corporation - Intersects 61 metres with an average grade of 0.75 g/t Au - Including 1.5 meters of 17.3 g/t Au

Colibri Resource Corporation (TSX-V:CBI) wishes to an... READ MORE

July 16, 2018

ALLEGIANT Closes First Tranche of $4.95 Million Private Placement

Allegiant Gold Ltd. (TSX-V:AUAU) (OTCQX:AUXXF) is pleased to anno... READ MORE

July 16, 2018

Aben Intersects Mineralization Early in Drill Program at Forrest Kerr Project in BC’s Golden Triangle

Aben Resources Ltd. (TSX-V:ABN)(OTCQB:ABNAF) (Frankfurt:E2L... READ MORE

July 16, 2018

Copyright 2018 The Prospector News - Site design by Spyderbaby Productions