Kincora Copper (CVE:KCC) has closed its non-brokered private placement for gross proceeds of C$532,584 through the issuance of 1,543,720 shares at a price of 34.5 cents per share, the company said on Wednesday.
Alongside the closing of the non-brokered price placement, 186,831 shares have been issued to HPX Techco Inc., an affiliate of High Power Ventures, on account of loans made in the course of the IBEX transaction.
Proceeds from the offering will be applied to the advancing Kincora's exploration portfolio, which includes a unique multitarget, multistage pipeline, between and on strike from Rio Tinto's (NYSE:RIO) largest global expansion project, the Oyu Tolgoi mine, and the Tsagaan Suvarga Serven Sukhait development project in the southern Gobi, Mongolia, and for working capital.
All shares issued are subject to a four-month hold period expiring on April 21, 2017.
"The raising and conversion of a small loan to HPX into equity caps off a busy period. Since last month, we closed the IBEX transaction to consolidate the dominant regional landholding in the southern Gobi copper belt, announced our new team with an exceptional track record with Tier 1 porphyries, concluded field season activities, and started outlining our priority exploration targets and strategy to create value for shareholders,” said Sam Spring, president and chief executive officer.
The company paid finder's fees of $4,201 in connection with the offering.
Kincora shares were up 9% at C$0.42 on Wednesday.