VANCOUVER, Nov. 10, 2015 /CNW/ - Kincora Copper Limited (TSX.V: KCC) ("Kincora" or the "Company"). The Company announces that, in accordance with the terms of a $2,500,000 convertible note issued on July 19, 2012 (the "Note"), Kincora proposes to settle the interest due on the Note for the period July 20, 2014 to July 19, 2015 in the amount of $217,500 through the issuance of 4,350,000 common shares of Kincora at a deemed price of $0.05 per share (the "Debt Settlement").
The Note bore interest at a rate of 8.7% per annum, calculated and paid annually by way of the issuance of common shares of Kincora.
All securities issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance of the Shares, in accordance with applicable securities legislation.
Closing of the Debt Settlement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX-V.
Kincora Copper Limited. is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in Mongolia. For further information on the Company, please visit www.kincoracopper.com and refer to its corporate presentation http://kincoracopper.com/investors/corporate-presentation. Kincora has 309,774,451 issued and outstanding common shares.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Kincora Copper Limited
For further information: Sam Spring, President and Chief Executive Officer, email@example.com, +61431 329 345, http://www.kincoracopper.com