Kincora Copper Ltd (CVE:KCC) has issued shares in lieu of cash to pay for services rendered.
The shares have been issued at an assumed price of 42.5 cents a pop to certain directors, officers and service providers for services received in the final quarter of last year.
In all, just over a quarter of a million shares were issued. The shares are subject to a four-month holding period that will expire on 23 June.
The company has also issued 186,831 shares to an affiliate of High Power Ventures at an assumed price of 34.5 cents each in repayment of loans.
These holding period for these shares expire on 2 July.
"Following the Ibex transaction and appointment of the new technical team, Kincora has implemented remuneration packages where the technical committee and board receive over 70% of total compensation in shares, issued quarterly in arrears,” explained Sam Spring, president and chief executive officer of Kincora.
"The team in place has a unique track record of Tier 1 copper porphyry success, expansion and operating activities in Mongolia, and such remuneration packages provides skin in the game, remuneration aligned with shareholders and supports capital constrained budgets maximizing value-add activities. The company also has high insider ownership with the board, technical and advisory teams representing over 45% of outstanding common shares,” Spring continued.
"As initial field season activities continue and preparations advance looking to drill two targets with geological models analogous to the nearby large-scale copper mines, Kincora is attending PDAC (Prospectors & Developers Association of Canada), with further marketing later in the month to increase awareness of our exploration and expansion strategy following completion of the Ibex transaction only last quarter," Spring concluded.