Kincora Copper has raised more than C$532,000 in a non-brokered private placement with funds to be applied to advancing the company’s Mongolian exploration portfolio. This includes a unique multi-target, multi-stage pipeline, between and on strike from the Oyu Tolgoi mine, and Tsagaan Suvarga-Serven Sukhait development project in the South Gobi.
The company issued more than 1.543 million shares at a price of C$0.345 per share. Concurrent with the placement, 186,831 shares have been issued to HPX Techco Inc, an affiliate of High Power Ventures, on account of loans made in the course of the IBEX Transaction.
All shares issued are subject to a four-month hold period expiring April 21, 2017.
Kincora’s president & CEO Sam Spring said: “We are pleased to close this offering following an approach from one of the leading junior natural resource investors, and also welcome a second new institutional investor to the shareholder register. The conversion of a small loan to HPX into equity caps off a busy period.
“Since November, we closed the IBEX transaction to consolidate the dominant regional landholding in the South Gobi copper belt, announced our new team with an exceptional track record with Tier 1 porphyries, concluded field season activities, and started outlining our priority exploration targets and strategy to create value for shareholders.
“We look forward to providing ongoing updates as we advance both our exploration and corporate strategy, and re-engaging with the market outlining a new and exciting copper opportunity.”
The new team includes Peter Leaman as senior vice-president of exploration and John Holliday as chairman of a newly formed Technical Committee. Peter Leaman is former head of BHP Billiton Mongolia and regional exploration manager SE Asia for PanAust while John Holliday is former chief geoscientist of Newcrest Mining.