Kincora Copper Ltd (CVE:KCC) (OTCMKTS:BZDLF) announced Friday that it will issue 561,290 shares priced at $0.155 per share to select directors, officers and service providers.
The shares are issued in payment of services rendered between July 1 and September 30 of this year.
Shareholders and the TSX Venture Exchange gave the company’s initial shares-for-service plan the green light back in November 2016.
READ: Kincora Copper says geophysical surveys in Mongolia support multiple drill targets
The plan was designed to secure key executives and encourage new ones with competitive packages as well as to reduce the company’s cash overheads.
The shares will be subject to a four-month hold period and will be issued once all the corporate and regulatory approvals are in place.
Excluding this share issue announcement, Kincora has 70,109,090 issued shares, 8,976,799 warrants and 3,578,380 stock options outstanding.
Kincora focuses on undeveloped copper-gold deposits in Mongolia.
CEO Sam Spring sat down with Proactive Investors while in London for the Mines and Money Conference, announcing that the geophysical surveys at the East Tsagaan Suvarga and Bronze Fox projects in Mongolia were completed on time and under budget.
The results support multiple drill targets and a preferred drill contractor has been chosen.
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee