Australian Listing Follows Successful A$10 million IPO
Kincora Copper Ltd (TSXV/ASX: KCC) has raised A$10 million (approximately C$9,620,000). via an Initial Public Offering (IPO) ahead of commencement of trading and dual listing on the Australian Securities Exchange (ASX).
Trading on the ASX in Kincora’s securities under the ticker code ASX: KCC is scheduled to commence at 11:00am AEDT on Tuesday, March 30th, 2021.
Kincora’s chairman, Cameron McRae, said the successful conclusion of the IPO is pursuant to the offer under the prospectus dated March 1st 2021 by the issue of 50,000,000 shares at an issue price of A$0.20 per CDI. The CDIs are issued at a ratio of 1 CDI for 1 Share.
“We are delighted with the extremely strong response from investors which clearly underscores the re-rating potential of Kincora to become the leading pure play explorer in what is Australia’s foremost copper porphyry belt,” Mr McRae said.
“The transaction was very well supported by a number of our existing shareholders and we welcome new institutional, high net worth and retail investors to this heavily oversubscribed dual listing.
“With the right corporate foundations and a strong balance sheet, the team is very focused and excited about the extensive amount of drilling and other potential value add catalysts ahead of us.”
President and CEO, Sam Spring, said the high demand from and quality of investors in the IPO reiterates the Board’s view that the ASX is the natural stock exchange for the company, with Kincora’s primary focus and value drivers now related to our Lachlan Fold Belt (LFB) assets in NSW.
The company currently has two drill rigs active at the brownfield Trundle project.
“Preparations are well advanced for our initial drilling programmes at both the Nyngan and Fairholme projects with over 17,000 metres of drilling expected within the next 12 months,” Mr Spring said.
The primary use of IPO funds is to accelerate ongoing drilling and exploration activities at the key Trundle Park and Mordialloc targets in the Trundle Project, while advancing other Trundle Project areas that have complementary but insufficiently tested geochemistry and geophysical targets with the aim to find: (a) and expand near surface copper-gold skarn mineralization overlying or adjacent to (b) underlying copper-gold porphyry systems.
Other proposed uses of funds include:
i) A strategy to test for Cowal style intrusion related mineralisation at the Fairholme Project north of Evolution Mining’s 9.6Moz Cowal gold mine in an area previously not substantively tested for this mineralisation style despite analogous geochemistry, geophysics and interpreted structural setting;
ii) Progression of exploration on other projects in the Macquarie Arc, project generation activities (including the binding term sheet with Resilience Mining Mongolia relating to the company’s Mongolian asset portfolio and strategy), costs of the offer and general working capital; and,
The company’s Nyngan Project in the Macquarie Arc is supported by a grant of up to A$120,000 by the Department of Regional NSW to co-fund exploration drilling at the Nyngan Project in the interpreted northern extension of the Junee-Narromine belt.
