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VANCOUVER, Dec. 7, 2016 /CNW/ - The Company announces that, subject to the acceptance of the TSX Venture Exchange, it intends to proceed with a private placement of up to 1,449,275 shares ($500,000) at $0.345 per share (the "Private Placement"). Proceeds from the Private Placement will be applied to the exploration of its copper and gold projects in Mongolia and general working capital. The Company may pay finder's fees in accordance with the policies of the TSX Venture Exchange in connection with the Private Placement.
The offering is open to investors who qualify under applicable securities laws, including but not limited to existing shareholders in qualifying jurisdictions in Canada and outside the United States under B.C. Instrument 45-534 and "accredited investors" in the United States and Canada. Kincora has set December 6, 2016 as the record date for determining shareholders entitled to participate in the offering in reliance on the existing shareholder exemption. If the offering is over-subscribed, shares will be allotted on a first come first served basis. Qualifying investors who wish to participate in the private placement should contact the Company using the contact information set forth below. It is anticipated that the private placement will close on or about December 19, 2016.
The Company also announces that it has agreed to settle debt in the amount of US$48,576 owing to HPX Techco Inc., an affiliate of High Power Ventures, on account of loans made in the course of the Ibex Transaction, by the issuance of 186,831 shares of the Company having a deemed price of Can$0.345 (the "Debt Settlement").
All shares issued in connection with the Private Placement and the Debt Settlement will be subject to a four (4) month hold period.
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.
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 protected], +61431 329 345, http://www.kincoracopper.com