Kincora Copper (CVE:KCC) is raising C$5mln to fund exploration work on the group’s projects in Mongolia.
It is issuing 100mln units, comprising one new share and one share warrant, priced at C$0.05 per unit, via a non-brokered private placing. Warrants will be exercisable for two years at C$0.105.
Last month, Kincora revealed highly encouraging results from the company’s flagship Bronze Fox copper exploration project, just down the road from Oyu Tolgoi.
Bronze Fox is situated approximately 250 kilometres (km) from the Chinese border and about 140km northeast of Rio Tinto’s Oyu Tolgoi, one of the world's largest copper-gold deposits. Oyu Tolgoi is expected to produce an average of 430,000 tonnes of copper, 425,000 ounces of gold annually, plus by-product silver and molybdenum, over the mine’s life.
Investors participating in the placing will have a four month ‘hold period’.