KINCORA COPPER CLOSES CONVERTIBLE NOTE PRIVATE PLACEMENT FINANCING
Vancouver-based Kincora Copper (CVE:KCC) announced late Monday the completion of its non-brokered private placement offering with Origo Partners of a convertible note of up to $2.5 million due and payable in three years.
The mining exploration and development company said the convertible note bears interest at 8.7 per cent per year, payable annually in company shares priced at the time of issuance in accordance with the TSX Venture Exchange.
The note is convertible into units of the company at any time after the date of issuance, at a cost of 25 cents each.
Each unit is made up of one common share and one purchase warrant, where one warrant is exercisable to purchase one common share at 45 cents for a term ending at the maturity date.
Kincora has given Origo certain pre-emptive rights to purchase further equity securities of the company.
Oirgo is the largest shareholder of Kincora, currently holding more than 46.37 million common shares, or 29.28 per cent of the company.
The private placement funds will be directed toward further developing its mineral properties located in Mongolia, as well as for general working capital.
The company announced in late April that it had closed its previously announced acquisition of Temujin Mining Corp’s subsidiary, Golden Grouse, which was first reported in January.
Golden Grouse is a Mongolian company that holds the mineral exploration licenses 15075X and 15076X, next to Kincora’s Bronze Fox project.
Kincora focuses on major copper-gold deposits in Mongolia, with its strategic assets the Bronze Fox and Tourmaline Hills deposits located in southeast Mongolia.
by Erin Sugar
The mining exploration and development company said the convertible note bears interest at 8.7 per cent per year, payable annually in company shares priced at the time of issuance in accordance with the TSX Venture Exchange.
The note is convertible into units of the company at any time after the date of issuance, at a cost of 25 cents each.
Each unit is made up of one common share and one purchase warrant, where one warrant is exercisable to purchase one common share at 45 cents for a term ending at the maturity date.
Kincora has given Origo certain pre-emptive rights to purchase further equity securities of the company.
Oirgo is the largest shareholder of Kincora, currently holding more than 46.37 million common shares, or 29.28 per cent of the company.
The private placement funds will be directed toward further developing its mineral properties located in Mongolia, as well as for general working capital.
The company announced in late April that it had closed its previously announced acquisition of Temujin Mining Corp’s subsidiary, Golden Grouse, which was first reported in January.
Golden Grouse is a Mongolian company that holds the mineral exploration licenses 15075X and 15076X, next to Kincora’s Bronze Fox project.
Kincora focuses on major copper-gold deposits in Mongolia, with its strategic assets the Bronze Fox and Tourmaline Hills deposits located in southeast Mongolia.
by Erin Sugar
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