Kincora Issues Shares for Services
Vancouver, BC — May 16th, 2022
Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC and ASX:KCC) announces it will issue 2,225,151 shares to certain directors, officers and service providers on account of services rendered on a quarterly basis (“Shares for Services”) during calendar year 2021.
Summary of quarterly shares for services for calendar year 2021:
| Period | Mar 31st | Jun 30th | Sep 30th | Dec 31st |
|---|---|---|---|---|
| Deemed/issuance price | 24.5c | 24.0c | 13.9c | 11.0c |
| Closing price quarter end | 23.0c | 24.0c | 13.5c | 11.0c |
| Number of shares | 370,641 | 378,125 | 651,386 | 824,999 |
The issuance of shares is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange (“TSXV”). The service shares are to be subject to a four-month hold period.
The Company’s Shares for Services plan was approved by written consent from disinterested shareholders and approved by the TSXV as originally announced November 14, 2016. This plan, and an updated plan passed at the 2019 Annual General Meeting on September 26 2019, and addition agreement passed at the 2021 Annual General Meeting on December 14, 2021, seeks to provide competitive packages to retain and attract key executives, align senior executives and directors to the creation of value for shareholders and minimize the cash overheads of the Company.
Shares issuable are at a deemed price equal to the greater of (i) the closing price of the Shares on the TSXV on the last trading day prior to the date such Shares are issuable; and, (ii) the volume weighted average price of the Shares traded on the TSXV for the 5 trading days immediately preceding the date such Shares are issuable, with a minimum deemed price of $0.05 per Share.
About Kincora Copper Ltd.
Kincora Copper is an active and systematic ASX and TSX-V listed exploration company (ticker "KCC") focused on world-class copper gold discoveries in Australia’s foremost porphyry region, the Macquarie Arc, with the ambition to become the leading pure play porphyry explorer this region. Kincora is also seeking to realise value from its highly prospective portfolio of porphyry projects located in the Southern Gobi, Mongolia's foremost porphyry region. For further information please refer to www.kincoracopper.com
For further information:
Sam Spring, President and Chief Executive Officer [email protected] or +61431 329 345
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.
www.kincoracopper.com [email protected]