Strong Institutional Support For Oversubscribed Offering
Kincora Copper Ltd (TSXV:KCC) has closed an oversubscribed non-brokered private placement of units to help fund an acceleration of its Australian exploration plans.
The placement was targeted to raise proceeds of up to C$5 million, but thanks to significant investor interest it closded oversubscribed with total subscriptions of C$5,329,194.
Chairman, Cameron McRae, said proceeds from the Offering will be primarily used to expand the ongoing six-hole programme to a total of over 20 holes at the Trundle project.
Other work programmes will include advancing the understanding of the near surface skarn system at the Trundle Park target at Trundle, advancing the company’s earlier stage licenses and project pipeline, pursuing a listing on the Australian Securities Exchange (ASX) and for general working capital.
“We are delighted to have attracted such broad support from high quality Australian and international investors and brokers, endorsing the company’s corporate strategy, team and upcoming exploration programmes,” Mr McRae said.
“The number of new shareholders also validates our move into the Macquarie Arc of the Lachlan Fold Belt and seeking to become the leading listed pure play porphyry explorer in this region.
“We have a strong foundation to drive shareholder value with the drill bit at the Trundle project, begin advancing our district scale project pipeline and significantly accelerate momentum ahead of the proposed listing on the ASX.”
President and CEO, Sam Spring, said that with a strong financial position and quality drill targets Kincora is entering an extremely exciting period.
“The aggressive drill campaign will seek to confirm our search for the core, ore-grade parts of a cluster of porphyry copper-gold systems at the Trundle Park and Mordialloc targets at the brownfield Trundle project,” Mr Spring said.
The potential for a near surface, high-grade gold-copper skarn project at the Trundle Park target and earlier stage project pipeline will also be advanced.
“We’re very pleased to have such backing from a broadened and more domestic investor base to our exploration activities, as well as existing long-term shareholders, and look forward to continuing to work closely with our wider stakeholders.”
