Mongolian copper-gold explorer Kincora Copper Ltd (CVE:KCC) announced Thursday it will issue more than 300,000 shares to a number of directors, officers and service providers.
The company said it will issue 388,887 shares at a deemed price of 13.5 cents per share on account of services rendered during the period of April 1, 2018, to June 30, 2018.
The issuance of shares is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.
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The services shares are to be subject to a four-month hold period.
The company said its shares-for-services plan was approved by written consent from disinterested shareholders and approved by the TSX Venture Exchange. It was announced in November 2016.
According to the firm, the plan seeks to provide competitive packages to retain and attract key executives, align all senior executives/directors to the creation of value for shareholders and minimize the cash overheads of the company.
Shares of Kincora down 9.7% at C$0.14 on Thursday.