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
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.