Kincora raises $2.4 million to advance drilling Oversubscribed equity placement raises A$2.4 million (before costs) at A$0.055 per share Very strong support from existing shareholders All directors participating, for a total of
Kincora raises $2.4 million to advance drilling
Oversubscribed equity placement raises
A$2.4 million
(before costs) at
A$0.055
per share
Very strong support from existing shareholders
All directors participating, for a total of
A$0.13 million
Kincora is well funded to advance the next phase of drilling focused on shallow porphyry targets
across its portfolio of priority projects in the Lachlan Fold Belt, NSW
13 targets and discovery opportunities across 5 projects
Drilling activities scheduled to initially commence at the brownfield Trundle project in
January
2023
, testing 5 adjacent systems and separate large scale porphyry targets across an existing
3.2km mineralised strike
Four of these targets are following up open ore grade intervals, including:
10m
to end of hole at 1.99g/t gold and 0.12% copper from
36m
(at
Dunn's
North
target); and,
recent 34m at 1.45g/t gold and 0.25% copper (at the Southern Extension Zone target)
MELBOURNE, Australia
,
Dec. 12, 2022
/CNW/ - Kincora Copper Limited (TSXV: KCC) (ASX:
KCC)
Kincora
or the
Company
) is pleased to announce it has received binding commitments from
unrelated professional and sophisticated investors for a
A$2.4 million
capital raising (before costs)
(
Placement
).
President & CEO,
Sam Spring
, and Chairman,
Cameron McRae
, commented:
"Following the oversubscribed offering Kincora is well funded and
positioned to commence a high impact and high conviction drilling
program. This will initially commence at our brownfield Trundle porphyry
project in January.
The program is focused on testing more and shallower targets. In total,
drilling 13 standalone targets across 5 projects, including 5 targets at
Trundle, that all offer significant scale copper-gold discovery potential.
We are delighted with the very strong backing received and thank those
existing and new shareholders who participated.
The quantum and nature of support from shareholders, including all
directors, in the offering adds substance to Kincora's high conviction for
very significant results across the NSW portfolio and potential for major
new porphyry discoveries at the Trundle project. "
Placement
The funds raised will primarily be used for drilling activities focused on shallow porphyry targets
across the Company's portfolio of priority projects in the Lachlan Fold Belt, NSW. These include
testing 13 prospects across 5 projects, comprising:
Diamond drilling at the Trundle project, scheduled to commence in
January 2023
;
Diamond and RC drilling at the Condobolin project;
Diamond drilling at the Nevertire project (with existing NSW government cooperative funding
grant support);
Diamond drilling at the Nyngan project (with existing NSW government cooperative funding grant
support); and,
Aircore drilling at the Fairholme project.
Separately, maiden exploration programs are expected to commence at the Cundumbul project
under, and funded by, the exploration alliance agreement with Earth AI (see the
October 6, 2022
,
press release
"Alliance with Artificial Intelligence Explorer for Cundumbul project"
for further
details).
Furthermore, the Company continues to seek to extract appropriate value from its wholly owned
Mongolia
asset portfolio, which includes a large JORC resource on an existing mining license at the
Bronze Fox project.
The Joint Lead Managers and Bookrunners for the Placement were Bridge Street Capital Partners
and Morgans Corporate.
The Placement will result in the issue of up to 43,636,364 ordinary shares (represented by CDIs) at
a price of
A$0.055
per share (the equivalent Canadian share price of
$0.05
) of which 28,703,570
ordinary shares will be issued in a first tranche under the Company's placement capacity under ASX
listing rule 7.1 (16,420,352 shares) and ASX Listing Rule 7.1a (12,283,218 shares) and 14,932,795
ordinary shares subject to shareholder approval which is expected to be sought at a general meeting
proposed to be held in
January 2023
.
The issue price of
A$0.055
per share represents a 20.3% discount to last close (
December 7, 2022
)
and a 15.2% discount to the 15-day VWAP.
Settlement of the Placement is expected to occur on
December 15, 2022
, with Placement shares
expected to be allotted (pursuant to Listing Rules 7.1 and 7.1A) and to commence trading on
December 16, 2022
. An Appendix 2A confirming the exact allotments will be issued on the same
date.
The Company's total issued ordinary shares outstanding post the first and second tranche issuances
is anticipated to be 166,471,542.
This announcement has been authorised for release by the Board of Kincora Copper Limited
(ARBN 645 457 763)
Trundle Project background
The Trundle Project is located in the Junee-Narromine volcanic belt of the Macquarie Arc, less than
30km from the mill at the Northparkes mines in a brownfield setting within the westerly rift separated
part of the Northparkes Igneous Complex ("NIC"). The NIC hosts a mineral endowment of
approximately 24Moz AuEq (at 0.6% Cu and 0.2g/t Au) and is
Australia's
second largest porphyry
mine comprising of 22 intrusive porphyry discoveries, 9 of which with positive economics.
The Trundle Project includes one single license covering 167km
2
and was secured by Kincora in the
March 2020
agreement with RareX Limited ("REE" on the ASX).
For further information on the Trundle and Northparkes Projects please refer to Kincora's website:
https://kincoracopper.com/the-trundle-project/
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.
Streamline Competent Persons Statement (ASX Listing Rule 5.23)
The information contained in this announcement related to past exploration results of the Company is
extracted from, or was set out in:
the ASX release made by the Company on
October 27, 2022
, titled
"
Trundle Project
Presentation
"
which included a competent person statement from
Paul Cromie
(BSc Hons.
M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and
Society of Economic Geologists), is Exploration Manager Australia for the Company; and,
the ASX release made by the Company on
July 18, 2022
, titled
"
Highest grade assays to date
from Trundle's Southern Extension Zone discovery
"
which included a competent person
statement from
Paul Cromie
.
The Company confirms that it is not aware of any new information or data which materially affects
the information included in the original market announcements.
Qualified Person
The scientific and technical information in this news release was prepared in accordance with the
standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-
101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and
compiled by Kincora's geological staff under the supervision of
Paul Cromie
(BSc Hons. M.Sc.
Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of
Economic Geologists), Exploration Manager Australia, who is the Qualified Persons for the purpose
of NI 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange
accepts responsibility for the adequacy or accuracy of this release.
Website:
www.kincoracopper.com
SOURCE
Kincora Copper Limited
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/December2022/12/c9999.html
%SEDAR: 00003952E
For further information:
Sam Spring, President and Chief Executive Officer,
[email protected] or +61431 329 345; For media enquiries: Media & Capital
Partners, Angela East at [email protected]; Executive office, 400 - 837 West
Hastings Street, Vancouver, BC V6C 3N6, Canada, Tel: 1.604.283.1722, Fax: 1.888.241.5996;
Subsidiary office Australia, Vista Australia (formerly Leydin Freyer Corp Pty Ltd), Level 4, 100 Albert
Road, South Melbourne, Victoria 3205
CO: Kincora Copper Limited
CNW 05:30e 12-DEC-22