- Kincora Copper Limited (KCC) has received binding commitments from investors for a A$2.4 million capital raise
- Under the first tranche, the company will issue 28,703,570 common shares at a price of A$0.055 per share
- The placement will result in the issue of up to 43,636,364 common shares
- Kincora Copper is a mineral exploration company focused on developing assets in Mongolia and Australia
- Kincora Copper Ltd. (KCC) is unchanged on the day, trading at C$0.07 per share at 3 pm ET
Kincora Copper Limited (KCC) has received binding commitments from investors for a A$2.4 million capital raise.
President & CEO Sam Spring, and Chairman, Cameron McRae, commented on the capital raise.
“Following the oversubscribed offering, Kincora is well funded and positioned to commence a high impact and high conviction drilling program. This will initially commence at our brownfield Trundle porphyry project in January.
The program is focused on testing more and shallower targets. In total, drilling 13 standalone targets across 5 projects, including 5 targets at Trundle that all offer significant scale copper-gold discovery potential.
We are delighted with the very strong backing received and thank those existing and new shareholders who participated.
The quantum and nature of support from shareholders, including all directors, in the offering adds substance to Kincora’s high conviction for very significant results across the NSW portfolio and potential for major new porphyry discoveries at the Trundle project.”
The funds raised will primarily be used for drilling activities focused on shallow porphyry targets across the company’s portfolio of priority projects in the Lachlan Fold Belt, NSW.
Maiden exploration programs are expected to commence at the Cundumbul project under and funded by the exploration alliance agreement with Earth AI.
The company continues to seek to extract appropriate value from its wholly owned Mongolia asset portfolio, which includes a large JORC resource on an existing mining license at the Bronze Fox project.
The Joint Lead Managers and Bookrunners for the Placement were Bridge Street Capital Partners and Morgans Corporate.
The placement will result in the issue of up to 43,636,364 common shares at a price of A$0.055 per share.
Under the first tranche, the company will issue 28,703,570 common shares and 14,932,795 common shares subject to shareholder approval which is expected to be sought at a general meeting proposed to be held in January 2023.
The offering is expected to close on December 15, 2022.
Kincora Copper is a mineral exploration company focused on developing assets in Mongolia and Australia.
Kincora Copper Ltd. (KCC) is unchanged on the day, trading at C$0.07 per share at 3 pm ET.