Kincora Copper (CVE:KCC) completed a C$5mln private placement, subject to certain approvals, and said it will use the proceeds for high priority drilling and other exploration activities at its flagship Bronze Fox license in Mongolia.
“The successful placing attracted considerable demand from both new and existing investors and was significantly oversubscribed,” the company said.
The company closed the first tranche of financing for gross proceeds of C$4.6mln through the issue of 91.5mln units - consisting of one share and one warrant. It plans to raise a further C$425,000 via the issue of about 8.5mln units to Khayyam Minerals (CVE:KYY.P).
“I would like to welcome a number of new investors, some of which are mining sector and/or Mongolia specialist groups, who participated in the private placement and thank existing shareholders for their continued support as we enter a very exciting period for Kincora,” said Sam Spring, president and chief executive of Kincora.
The Bronze Fox license is situated about 250km from the Chinese border and within 140km of two large scale greenfield copper construction projects: the US$6bn Oyu Tolgoi copper and gold project and Tsagaan Suvarga.