Vancouver, BC – March 25th, 2014 – Kincora Copper Limited (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announce that it has completed a $5 million private placement, subject to certain approvals. The successful placing attracted considerable demand from both new and existing investors and was significantly oversubscribed. Funds from the capital raising will be used for high priority drilling, and other exploration activities, at our flagship and wholly owned Bronze Fox license in the upcoming 2014 field season.

The Company has closed the first tranche of financing for gross proceeds of C$4,575,000 through the issuance of 91,500,000 units at a price of C$0.05 per unit (the “Offering”). Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of Kincora for a period of two years expiring March 24th, 2016 at a price of C$0.105 per share. If at any time following the expiry of the resale restrictions the closing price of Kincora’s shares on the TSX Venture Exchange (the “TSXV”) is greater than $0.15 for 30 consecutive trading days then Kincora may give notice accelerating the expiry date of the Warrants to 30 days from the date of the notice.

All units issued under the Offering are subject to a four month hold period expiring July 25th, 2014.

The Company paid finder’s fees of $190,642 in connection with the first tranche of the Offering, with efforts led by the The Private Office SA (“TPO”) and Resource Investment Capital Limited (“ResCap”), and assisted from SkyPath Partners LLC, Pareto Securities Limited and The Mongolian Investment Banking Group LLC (“MIBG”).

The Company proposes to issue a further approximately 8,500,000 units for proceeds of approximately $425,000 to Khayyam Minerals Ltd. (TSXV: KYY.P) (“Khayyam”), which issuance remains subject to Khayyam obtaining certain regulatory and shareholder approvals, as more particularly detailed in the news release of Khayyam dated March 10, 2014.

Commenting on today's announcement, Sam Spring, President and CEO of Kincora, said:

"Kincora attracted significant demand for the Offering, which has been well oversubscribed, illustrating strong interest and support for our proposed field season activities at Bronze Fox. I would like to welcome a number of new investors, some of which are mining sector and/or Mongolia specialist groups, who participated in the private placement and thank existing shareholders for their continued support as we enter a very exciting period for Kincora.

The Company’s focus is now mobilizing field season activities and advancing a number of corporate initiatives. Drilling, and other follow up activities, are shortly planned at Bronze Fox based on extremely promising previous drill results, new geophysical and other “long lead” time / technical activities undertaken in 2013. A follow up phase of target drilling in 2001 at Oyu Tolgoi focused on similar untested geophysical targets, with often-supportive previous drilling, and led to the “discovery hole” and subsequent definition of one of the world’s largest copper-gold porphyries. Kincora is looking to follow a similar exploration strategy and successful proof of concept activities at Bronze Fox this field season could provide visibility for significant resource potential”.

Source:Kincora Copper


Post a Comment

Facebook page

Powered by Blogger.


Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive


Live Traffic