Vancouver, BC— May 7th, 2019
Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) announces that it proposes to undertake a private placement (the “Offering”) of units at $0.10 per unit (the “Units”) to raise up to $6,000,000. The Units will be comprised of one share (a “Share”) and one warrant (a “Warrant”), each Warrant entitling the holder to acquire a further share at a price of $0.25 for a term of 2 years.
The
Company is pleased to announce that following an independent technical
review of Kincora’s targets and proposed work programs, our largest
shareholder, LIM Asia Special Situations Master Fund Limited (“LASSMF”),
will (subject to satisfactory documentation) subscribe for its pro rata
share of the Offering (which is approximately 28% as at the date
hereof). The Company is also pleased to have received strong indicative
support from insiders, many existing and new shareholders.
Chairman Cameron McRae commented, "I
am delighted that we have attracted a strong cornerstone position from
our largest shareholder and such interest from other experienced
institutional resource sector specialist and high net worth investors.
The support and detailed due diligence processes provide validation of
our drill targets, strategy and team.
This
offering has been structured to align the immediate and medium term
capital markets strategy to our asset portfolio of 5 standalone, large
and drill ready porphyry targets. Success on any one of these targets
would indicate a new globally significant copper discovery.”
Sam Spring, President and CEO, noted, “The
offering will provide a strong foundation for the drill bit to again
drive Kincora’s valuation going forward, ramping up our exploration and
expansion activities.
Since
consolidating the dominant position in the Southern Gobi copper belt in
late 2016 and attracting a world-class technical team in 2017, Kincora
has been undertaking the first modern systematic district scale
exploration program in this highly prospective under-explored copper
belt. Kincora’s technical team has an exceptional track record of
discoveries, and this offering supports the first target testing
drilling program under their watch.
Our
drilling strategy today is the culmination of almost 30 years of
cumulative copper exploration experience in this belt by the senior
members of our exploration team, 5 years of exploration work and model
refinements by ourselves and previous owners (including Ivanhoe Mines
and IBEX) that provide us with high conviction to now focus on the 5
large and independent targets within our Bronze Fox and East Tsagaan
Suvarga projects.
For
their respective stages of exploration these targets are considered as
good as you get within a global setting. The independent technical
review commissioned by our largest shareholder supported a “discovery”
having already been made at Bronze Fox within the underexplored target
zone to the west of a key regional fault. This target area has been
significantly upgraded by recent exploration activities. Confirmation of
our geological models with positive results from the proposed drilling
have the potential to, in time, elevate both projects to Tier 1 or
world-class status.1
We’re
very pleased to have support from our investors, local community, hard
working team and look forward to working closely with stakeholders going
forward.”
For further details on Kincora please refer to the following recently updated items:
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