Kincora Copper Ltd. (CVE:KCC) proposes to amend the terms of its non-brokered private placement, the company said on Monday.
The placement will be for up to $2mln through the issuance of up to 6,666,667 shares at a price of 30 cents per share (previously 37.5 cents per share) on a post-consolidation basis of 1:10.
Following shareholders having passed all resolutions of the recent annual general and special meeting, as announced on July 14, the company is planning a consolidation of its common shares on the basis of one post-consolidation share for 10 pre-consolidation shares, which will facilitate closing of the private placement.
Currently, a total of 314,124,452 shares are issued and outstanding. Accordingly, if the consolidation is put into effect, a total of 31,412,445 shares would be issued and outstanding, assuming there are no other changes in the issued capital of the company.
The update follows Kincora’s announcement about consolidating the share issue last week. Read more.