Kincora Announces Private Placement of Convertible Notes With Origo
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/09/12 -- Kincora Copper Limited (the "Company") (TSX VENTURE: KCC) is pleased to announce that it has arranged with Origo Partners PLC ("Origo") a non-brokered private placement offering of a convertible note (the "Convertible Note") in the aggregate principal amount of up to $2,500,000 (the "Offering") due and payable three years from the date of issuance (the "Maturity Date"). The Convertible Note bears interest at 8.7% per annum, calculated and paid annually by way of the issuance of common shares of the Company priced at the time of issuance in accordance with the policies of the TSX Venture Exchange (the "TSX-V"), and is convertible into units ("Units") at any time after the date of issuance at a price of $0.25 per Unit. Each Unit is comprised of one common share of the Company and one share purchase warrant (a "Warrant"), each Warrant is exercisable to purchase one common share at a price of $0.45 for a term ending at the Maturity Date.
The completion of the Offering is subject to the approval of the TSX-V on such terms as the TSX-V may require.
In connection with the Offering, the Company has agreed to give Origo certain pre-emptive rights to acquire further equity securities of the Company. Origo is currently the largest shareholder of Kincora holding 46,371,083 common shares or 29.28% of the Company.
The proceeds of the private placement will be used by the Company for further development on its mineral properties in Mongolia and for general working capital.
About Kincora Copper Limited
Kincora Copper Limited is a mining exploration and development company, based in Vancouver, and listed on the TSX Venture Exchange. Kincora's focus is on Mongolia, home to some significant mine developments and other major undeveloped copper-gold deposits. The Company's strength comes from a major key assets in Mongolia and a management team supported by experienced mining developers and years of background in Mongolia. These strategic assets, the Bronze Fox and Tourmaline Hills copper-gold deposits, are located in southeast Mongolia, 200km from the Chinese border, along the famed Oyu Tolgoi copper belt and approximately 140km northeast of the world-class Oyu Tolgoi copper-gold project.
Statements contained and linked to this news release are not historical facts they are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Forward-looking statements are based on the beliefs, estimates and opinions of Arrowhead analysts on the date the statements are made. Arrowhead undertakes no obligation to update these forward-looking statements if beliefs, estimates or opinions, or other factors, should change. The information contained and linked to this news release is purely factual and does not constitute a recommendation to buy or sell securities. Arrowhead received fees in 2012 from Kincora Copper Limited for the research costs and other services including publishing this report. Arrowhead is not responsible for any loss, financial or other, directly or indirectly linked to any price movement or absence of price movement of the securities described.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Kincora Copper Limited
Igor Kovarsky
President & Chief Executive Officer and Director
604-689-2599
604-689-3609 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 09.07.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 163186
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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"Kincora Announces Private Placement of Convertible Notes With Origo"
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