Monday, 23 April 2012

Kincora Copper closes Golden Grouse acquisition

Kincora Copper (CVE:KCC) has closed its previously announced acquisition of Temujin Mining Corp.’s subsidiary, Golden Grouse, the company said Monday.
The share exchange agreement between both Kincora and Temujin was first reported on January 16, 2012.
Kincora issued 20 million shares to Temujin. On closing, Temujin kept 1.51 million Kincora shares and paid a dividend for the remaining stock to its shareholders.
Kincora will also issue another 15 million shares to Temujin upon the discovery of one million inferred ounces of gold within four years of the deal’s close.
Golden Grouse is a Mongolian company that holds the mineral exploration licenses 15075X and 15076X next to Kincora's Bronze Fox project.
Kincora also agreed to spend $2 million on exploration on the acquired properties over the next two years. If Kincora does not complete the “minimum work” in the two-year period, it will issue 15 million shares to Temujin.
"We now hold two of Ivanhoe's former high priority target properties in Mongolia, the Bronze Fox and Tourmaline Hills,” Kincora’s chief executive Igor Kovarsky said in a statement.
"Kincora now has one of the largest land holdings along the highly prospective copper belt hosting Oyu Tolgoi."
Temujin is a portfolio company of investment firm Aberdeen International and a member of the Forbes Manhattan Group.
Kincora Copper is a mining exploration and development company focused on copper-gold deposits in Mongolia.
Its key asset is the Bronze Fox copper-gold deposit, which rests in the south-east of Mongolia, along the Oyu Tolgoi copper belt.

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