Monday, 29 October 2012

Kincora Copper announces C$6 million financing for Bronze Fox

Vancouver-based Kincora Copper (CVE:KCC) is raising up to C$6 million via a private placing.
The funds will be used to continue drilling and exploration at the firm's flagship Bronze Fox project in emerging Oyu Tolgoi South Gobi porphyry copper belt in Mongolia as well as for working capital.
Kincora is issuing around 57 million shares at C$ 0.105 per share for up to C$6 million.
Each unit will consist of one share and one puchase warrant, with each whole warrant entitling the holder to acquire one Kincora share for three years from the closing date at C$0.19 a share.
The firm has also conditionally secured non-brokered subscription commitments for C$4 million of its proposed private placement with its largest shareholder - Origo - after providing a subscription commitment in total of C$2 million subjevt to certain terms.
Kincora's president and chief executive John Rickus told investors: "The directors of Kincora recognise the ongoing support that we continue to receive from our largest shareholder, Origo, and we are pleased to welcome a new institutional shareholder who has recently completed a site visit and detailed due diligence."
He added that continued exploration at Bronze Fox reaffirmed the firm's belief that the project is highly prospective for both bulk lower grade and deeper higher grade copper mineralisation, further emphasized by two large scale, greenfield copper construction projects ongoing in our immediate region.
Key ongoing and planned work includes drilling the West Kasulu porphyry prospect at Bronze Fox and analysing the potential for an oxide development project there.
Also drilling untested anomalies at Bronze Fox, and following up geophysics and deeper analysis work there and further drilling at the Tourmaline Hills at Golden Grouse.

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