Deal sells 100 million units of a share, a warrant at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., March 25 - Kincora Copper Ltd. said it raised C$4.58 million in the first tranche of a "significantly oversubscribed" non-brokered private placement of units. The deal priced for C$5 million on March 4, and the company expects to raise a further C$425,000.
The company is selling 100 million units of one common share and one warrant at C$0.05 per unit. It sold 91.5 million units in the first tranche.
The warrants are each exercisable at C$0.105 for two years, with the first-tranche warrants expiring on March 24, 2016. The strike price reflects a 31.25% premium to the March 3 closing share price of C$0.08.
Khayyam Minerals Ltd. will invest C$425,000 in the second tranche.
Proceeds will be used for exploration of the company's mineral properties in Mongolia and for general working capital.
Kincora is a copper explorer based in Vancouver, B.C.
| Issuer: | Kincora Copper Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 100 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years, March 24, 2016
|
| Warrant strike price: | C$0.105
|
| Agent: | Non-brokered
|
| Investor: | Khayyam Minerals Ltd. (for C$425,000)
|
| Pricing date: | March 4
|
| Settlement date: | March 25 (for C$4,575,000)
|
| Stock symbol: | TSX Venture: KCC
|
| Stock price: | C$0.08 at close March 3
|
| Market capitalization: | C$10.36 million
|
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