Mongolia-focused Kincora Copper (CVE:KCC) said the TSX Venture Exchange has okayed the issue of the C$2.5mln convertible note to major shareholder Origo Partners (LON:OPP).
Likewise, it has given the green light to the issue of 4.35 million common shares of the company at a deemed price of five cents per share to Origo in settlement of outstanding interest due to Origo, as detailed in the November 10 news release.
Both the note and the interest shares are subject to a hold period expiring March 19, 2016, Kincora noted.
Origo Partners (LON:OPP) is a closed-ended investment fund based in London that has been, according to Kincora, a “very supportive” backer of the company.