Kincora grants incentive options and shares
Vancouver, BC — June 18th, 2019
Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) has recently completed a comprehensive remuneration review to better align, incentivize and retain the board and technical and management teams, and ensure contributions to the Company, both past and present, have been recognised (“Remuneration Review”).
Kincora has granted to directors, officers and employees a total of 12,413,712 stock options under the Company's stock option plan, noting 2,596,627 existing stock options have been cancelled, and subject to shareholder approval and the acceptance of the TSX Venture Exchange (the “Exchange”), is to be reissued as part of the new grant.
Half the new options have a 2-year term from issuance date exercisable at a price of 11 cents per share and the other half being exercisable at 25 cents per share with a 3-year term from issuance. 5,874,136 options, split equally for the aforementioned terms, will vest over a 4-month period from the issuance date. A further 3,272,200 options, split equally for the aforementioned terms, will vest over a 4-month period post the conversion of 16,722,000 subscription receipts, and issued in the recently completed over subscribed offering into units and the release from trust of 16,000,000 units sold in the same offering (see news release dated June 11, 2019). 3,267,376 options, split equally for the aforementioned terms, will vest over a 4-month period post the Company receiving the shareholder approvals required by the Exchange.
Following the Remuneration Review, the Company has awarded a one off share award of 1,037,376 shares with a 12-month lock up to President & CEO, Sam Spring, to recognise his contributions over the past 24 months. The new Shares and Options are subject to a 4-month hold period commencing as of the date of issuance. Further components of the Remuneration Review will be tabled ahead of the next Annual General Meeting.
Further to the news release of June 11, 2019 detailing an oversubscribed private placement of units and subscription rights, following these issuances and assuming conversion of the subscription receipts and release of the units held in trust, Kincora is anticipated to have 134,992,035 issued shares, a total of 71,491,799 warrants and 13,395,468 stock options outstanding.
For further information, please contact:
Ray Nadarajah, Chairman of the Remuneration Committee [email protected] or +1 604 283 1722
About Kincora
Kincora Copper operates in the Gobi region of South Mongolia. It has a dominant land position and is undertaking the first modern systematic district scale exploration centred on the drill ready Bronze Fox and East Tsagaan Suvarga (ETS) porphyry projects. This wholly owned portfolio has attracted a first-class technical team who are credited with multiple discoveries of Tier 1 copper deposits.
Reinterpretation of existing data (including relogging, and block model analysis, of over 24,000 metres of drilling at Bronze Fox), the acquisition of additional geophysical data (Induced Polarization, gravity & magnetics at both projects) and first phase drilling at East TS under the watch of the current technical team since late 2016 have advanced both projects significantly resulting in new and exciting geological targets.
All data has been iteratively interpreted in a technically rigorous workshop format by the Kincora in-house technical team with appropriate involvement of specialist consultants of their respective field and advisors to the technical committee. This has ensured that quality targets have been identified and prioritised for drilling, with a detailed multiple target, multiple phase drill programs budgeted at Bronze Fox and ETS (and fully permitted).
These targets sit in the “target testing” to “advanced drilling” phases of projects development, which for copper porphyries offers the maximum uplift in project (and shareholder) value. These targets, for their respective stages of exploration, are considered “as good as you get within a global setting”. Confirmation of our geological models with positive results from the proposed drilling have the potential to demonstrate, and in time, elevate both projects to Tier 1 or world-class status1.
For further information: www.kincoracopper.com June 2019 presentation: https://www.kincoracopper.com/investors/presentations May 2019 Proactive Investors & Metal News interviews: https://www.kincoracopper.com/investors/interviews Exploration strategy 2019: https://www.kincoracopper.com/about-us/exploration-strategy-2019 Corporate strategy: https://www.kincoracopper.com/about-us/corporate-strategy “Introduction to Mongolia” presentation: https://www.kincoracopper.com/investors/mongolia https://twitter.com/KincoraCopper
1 Kincora recognises that the terms “World Class” or “Tier 1” are subjective and our targets are conceptual in nature, yet to be supported by drilling results to support an sufficient understanding of their potential grade or scale, let alone potential economics that are commonly associated with such terms. However, both the Bronze Fox and East TS projects have complementary geological and geophysical characteristics, with significant target zone potential and are in known mineralised systems in a proven prolific but underexplored copper porphyry belt. It is the view of Kincora that confirmation of our geological models with positive results from the proposed drilling have the potential to demonstrate, and in time, elevate both projects to Tier 1 or world-class status.
Forward-Looking Statements
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.