Kincora to start trading on the ASX on Tuesday following A$10m IPO Heavily oversubscribed A$10 million Initial Public Offering ("IPO") on the Australian Securities Exchange ("ASX") completed Extremely strong interest received, well supported by existing shareholders as well as new
Kincora to start trading on the ASX on
Tuesday following A$10m IPO
Heavily oversubscribed
A$10 million
Initial Public Offering ("IPO") on the Australian Securities
Exchange ("ASX") completed
Extremely strong interest received, well supported by existing shareholders as well as new
institutional investors and Australian sophisticated / retail investors
Trading scheduled to commence on the ASX at
11am
AEDT on
Tuesday March 30
th
At the IPO price the Company's implied market capitalisation will be
A$24.1 million
with over
A$12 million
in net cash
Kincora is focused on world class copper discoveries in
Australia's
premier porphyry district –
the Lachlan Fold Belt in NSW
Over
17,000m
of drilling is planned in the coming 12 months with 2 rigs currently drilling at
the brownfield Trundle Project and advanced preparations made for drilling at the Nyngan and
Fairholme Projects
The Trundle Project sits in the same mineralised system as
Australia's
second largest
porphyry copper mine, Northparkes, and the first hole at Trundle intersected
51m
@ 0.54%
Cu & 1.17g/t Au from
39m
VANCOUVER, BC
,
March 29, 2021
/CNW/ - Kincora Copper Ltd. (the "Company", "Kincora")
(TSXV: KCC) (ASX: KCC), is pleased to announce that it has raised
A$10,000,000
(approximately
C$9,620,000
), before costs, via an Initial Public Offering ("IPO") ahead of commencement of trading
and dual listing on the Australian Securities Exchange ("ASX").
Trading on the ASX in Kincora's securities under the ticker code
ASX: KCC
is scheduled to
commence at
11:00am
AEDT on
Tuesday, March 30
th
, 2021.
The successful conclusion of the IPO is pursuant to the offer under the prospectus dated
March 1
st
2021 by the issue of 50,000,000 shares (settled on the ASX in the form of CHESS Depositary
Interests ("CDIs")) at an issue price of
A$0.20
per CDI. The CDIs are issued at a ratio of 1 CDI for
1 Share.
Kincora's chairman
Cameron McRae
commented:
"We are delighted with the extremely strong
response from investors which clearly underscores the re-rating potential of Kincora to become the
leading pure play explorer in what is
Australia's
foremost copper porphyry belt.
The transaction was very well supported by a number of our existing shareholders and we
welcome new institutional, high net worth and retail investors to this heavily oversubscribed dual
listing. With the right corporate foundations and a strong balance sheet, the team is very focused
and excited about the extensive amount of drilling and other potential value add catalysts ahead of
us."
Sam Spring
, President & CEO, stated: "
I would like to thank the ASX, Morgans and Bridge Street
Capital who have done a great job as Joint Lead Managers, Ernst & Young as our Australian legal
advisor and the Kincora team for hitting the originally stated targeted date for listing and the hard
work to have achieved such a successful IPO.
The high demand from and quality of investors in the IPO reiterates the Board's view that the ASX
is the natural stock exchange for the Company, with Kincora's primary focus and value drivers now
related to our Lachlan Fold Belt ("LFB") assets in NSW,
Australia
, where two drill rigs are currently
active at our brownfield Trundle project. Preparations are well advanced for our initial drilling
programs at both the Nyngan and Fairholme projects with over 17,000 metres of drilling expected
within the next 12 months."
The primary use of IPO funds is to accelerate ongoing drilling and exploration activities at the key
Trundle Park and Mordialloc targets in the Trundle Project, while advancing other Trundle Project
areas that have complementary but insufficiently tested geochemistry and geophysical targets with
the aim to find: (a) and expand near surface copper-gold skarn mineralization overlying or adjacent
to (b) underlying copper-gold porphyry systems.
Figure 1: Kincora’s tenement holdings in the Lachlan Fold Belt (CNW Group/Kincora Copper Limited)
Other proposed uses of funds include:
i)
A strategy to test for Cowal style intrusion related mineralisation at the Fairholme Project north of Evolution Mining's 9.6Moz Cowal gold mine in an area previously not
substantively tested for this mineralisation style despite analogous geochemistry, geophysics and interpreted structural setting;
ii)
Progression of exploration on other projects in the Macquarie Arc, project generation activities (including the binding term sheet with Resilience Mining Mongolia relating to the
Company's Mongolian asset portfolio and strategy), costs of the offer and general working capital; and,
We note that exploration of the Company's Nyngan Project in the Macquarie Arc is supported by a
grant of up to
A$120,000
by the Department of Regional NSW to co-fund exploration drilling at the
Nyngan Project in the interpreted northern extension of the Junee-Narromine belt.
The Company's capital structure at the date of admission to the ASX will be as follows:
Shares / CDIs
120,712,026
(70.7m Shares on the TSXV / 50m CDIs on the ASX)
Options
6,672,153
(Dec'20 weighted average life 1.22 years with C$0.56/sh strike price)
Warrants
38,602,283
(Dec'20 weighted average life 1.02 years with C$0.75/sh strike price)
About Kincora Copper Limited
(KCC – ASX & TSXV)
Kincora Copper is an active explorer and project generator focused on world-class copper-gold
discoveries with the near term ambition to become the leading listed pure play explorer in what we
believe is one of the most significant gold rich porphyry regions in the world, the Lachlan Fold Belt
("LFB") of
Australia
.
The Company is currently drilling the only brownfield project (Trundle) held by a listed junior in
Australia's
foremost porphyry belt (the Macquarie Arc, in NSW), with district scale project pipeline.
The Company has assembled a leading technical team that it considers to be industry leading, who
have made multiple Tier 1 copper discoveries, have "skin in the game" equity ownership and are
backed by a strong institutional shareholder base and recently Australian capital market investors
through a dual listing on the Australian Securities Exchange.
Our exploration model applies a robust systematic approach utilising modern exploration techniques
supporting high-impact, value add programs underpinned by targets with strong indications for world-
class scale potential.
Kincora has corporate offices in
Vancouver
and
Melbourne
, an operating office in Ulannbaatar,
operations in Trundle,
New South Wales
and a year round camp in the Southern Gobi.
The Company is a reporting issuer in
Ontario
,
British Columbia
and
Alberta, Canada
, with its
common shares trading on the TSX Venture Exchange and CDIs trading on the ASX (from
March
30th, 2021
) under the symbol KCC.
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.
SOURCE
Kincora Copper Limited
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For further information:
Sam Spring, President and Chief Executive Officer,
[email protected] or +61431 329 345; For media enquiries: Media & Capital
Partners, Angela East, [email protected]
CO: Kincora Copper Limited
CNW 02:00e 29-MAR-21