• Kincora intends to raise up to C$4-million at C$0.30 per Unit with a full Warrant
o One-year hold period on Shares underlying the Units
o Acceleration trigger for the Warrants
o Ten (10) for one (1) Consolidation of Securities
• Cornerstone investments from leading North American natural resource sector investors including Rick Rule and Jeff Phillips
• Strong support from existing and new investors
• Proceeds will be used to support ongoing project generation strategy, drilling at 100% owned high-grade gold-base metals Condobolin project and working capital
• Incentive stock options awarded
Copper-gold explorer and project generator Kincora Copper Limited (ASX & TSXV: “KCC”) (“Kincora” or “the Company”) is pleased to announce that it proposes to undertake a nonbrokered private placement (the “Offering”) at C$0.30 per unit (the “Units”) to raise up to C$4,000,000. All prices and share numbers in this release assume completion of a 10:1 consolidation (“Consolidation”) prior to or concurrent with the Offering.
The Offering is subject to the TSX Venture Exchange (the “Exchange”) acceptance and approvals required under the Australian Securities Exchange (“ASX”) Listing Rules, as well as other regulatory approvals. Concurrent with, or prior to the Offering, the Company intends to complete a consolidation (the “Consolidation”) of the issued and outstanding common shares issued on the Exchange and Chess Depositary Interests (“CDIs”) on the ASX on the basis of ten (10) pre-Consolidation shares being consolidated to one (1) post-Consolidation share. Existing options will be consolidated on the same basis. The Consolidation will be subject to approval from the Company’s shareholders, the Exchange, and ASX.
"This relatively unique financing structure puts Kincora in a strong position to leverage and accelerate our strategy of more drilling, more asset level deals, more management fees and discoveries,” Cameron McRae, Chairman of Kincora, and Sam Spring, President and CEO.
"We're especially pleased to have this strategy endorsed and financing supported by a number of leading North American natural resource sector investors, including Rick Rule and Jeff Phillips, and other new and existing respected institutional and accredited investors."
About us:
About Kincora
Kincora Copper is an active explorer and project generator focused on world-class copper-gold discoveries. Kincora’s portfolio includes district scale landholdings and scale-able drill ready targets in both Australia and Mongolia's leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively, and the historical Condobolin mining field in the southern section of the Cobar
superbasin NSW.
For more information please visit Kincora’s website at www.kincoracopper.com
Contact details:
For further information please contact:
Sam Spring, President and Chief Executive Officer
[email protected] or +61431 329 345