Deal sells 57,142,857 units to fund company's drilling and exploration
By Devika Patel
Knoxville, Tenn., Oct. 29 - Kincora Copper Ltd. said it will conduct a C$6 million non-brokered private placement of units. Origo Partners plc will invest C$4 million.
The company will sell 57,142,857 units of one common share and one warrant at C$0.105 per unit. The warrants are each exercisable at C$0.19 for three years. The strike price reflects a 58.33% premium to the Oct. 26 closing share price of C$0.12.
Proceeds will be used for drilling and exploration activities at the Bronze Fox project in southeast Mongolia and for 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$6 million
|
| Units: | 57,142,857
|
| Price: | C$0.105
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.19
|
| Agent: | Non-brokered
|
| Investor: | Origo Partners plc (for C$4 million)
|
| Pricing date: | Oct. 29
|
| Stock symbol: | TSX Venture: KCC
|
| Stock price: | C$0.12 at close Oct. 26
|
| Market capitalization: | C$18.21 million
|
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