OR DISSEMINATION IN THE UNITED STATES / Well supported $5.33 million raising with the introduction of many new Australian and international institutional, family office
Kincora Oversubscribed Offering to Accelerate Drilling at
Trundle
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED
STATES
/
Well supported
$5.33 million
raising with the introduction of many new Australian and international institutional, family office
and retail investors
Strong financial position to aggressively expand the ongoing drilling program at the Trundle copper-gold project and pursue
listing on the ASX
Trundle is the only brownfield project held by a listed junior in
Australia's
foremost porphyry belt, within the same mineralized
complex as
Australia's
second largest porphyry mine
VANCOUVER, BC
,
Aug. 26, 2020
/CNW/ - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV: KCC) is very pleased to
announce that further to the news release of
August 4
th
, 2020 detailing a non-brokered private placement of units (the
"Units"
) at
$0.10
to raise proceeds of up to
$5,000,000
(the
"Offering"
), the Offering has closed and was oversubscribed with total
subscriptions of
$5,329,194
.
Proceeds from the Offering will be primarily used to expand the ongoing six-hole program to a total of over twenty holes at the
Trundle project. Other work programs will include advancing the understanding of the near surface skarn system at the Trundle
Park target at Trundle, advancing the Company's earlier stage licenses and project pipeline, pursuing a listing on the Australian
Securities Exchange ("ASX") and for general working capital.
Chairman
Cameron McRae
commented,
"We are delighted to have attracted such broad support from high quality Australian and
international investors and brokers, endorsing the Company's corporate strategy, team and upcoming exploration programs.
The number of new shareholders also validates our move into the Macquarie Arc of the Lachlan Fold Belt and seeking to
become the leading listed pure play porphyry explorer in this region.
We have a strong foundation to drive shareholder value with the drill bit at the Trundle project, begin advancing our district scale
project pipeline and significantly accelerate momentum ahead of the proposed listing on the ASX."
Sam Spring
, President and CEO, noted,
"With a strong financial position and the quality of our drill targets Kincora is entering an
extremely exciting period. The aggressive drill campaign will seek to confirm our search for the core, ore-grade parts of a
cluster of porphyry copper-gold systems at the Trundle Park and Mordialloc targets at the brownfield Trundle project. The
potential for a near surface, high-grade gold-copper skarn project at the Trundle Park target and earlier stage project pipeline
will also be advanced.
We're very pleased to have such backing from a broadened and more domestic investor base to our exploration activities, as
well as existing long-term shareholders, and look forward to continuing to work closely with our wider stakeholders."
The private placement is subject to final TSX Venture Exchange approval.
The Company will pay finder's fees of
$148,345
in connection with the Offering (equivalent to 3.4% of the total subscription
amount).
All Units issued are subject to a four-month hold period expiring four months and one day from the date of issuance.
Following these issuances, the Company will have 208.2 million issued shares and a total of 115.8 warrants (
25 cent
strike).
For more information on Kincora, including links to our detailed exploration and corporate strategy, and corporate presentation,
please refer to the end of this announcement.
The Trundle project
The Trundle project is located 30km west of the China Molybdenum Company Limited (CMOC) operated Northparkes copper-gold
mill and five economic deposits, in the same Northparkes Igneous Complex.
Past explorer drilling has been extensive with the completion of 2208 holes for 61,146 metres but deeper drilling utilising modern
exploration knowledge has been very limited.
Over 92% of prior drilling has been to less than 50 metres depth, a depth that the existing major mines in this belt suggest is just
too shallow, with just 11 holes beyond 300 metres (0.5% of holes drilled).
Existing significant drill intersections supports vectoring to very compelling targets for Kincora's ongoing phase 1 drilling program
at three existing mineralised systems – Trundle Park, Mordiallic and Bayleys. These systems have not been drilled since industry
leading Induced Polarisation survey's, including HPX's proprietary Typhoon system, and magnetic modelling were completed.
Further background information
August 4
th
, 2020: Corporate presentation:
https://www.kincoracopper.com/media/downloads/presentations/corporate-presentation-8-5-2020.pdf
July 17
th
, 2020: replay of the Noosa Mining Virtual conference investor presentation (free registration):
https://zoom.us/rec/share/w-0vJpXM325IH6vR-FrCVqMdMJ-1X6a8hnRLqKUKmkodOJ2ktI9A8UxkEHiakiNU
June 19
th
, 2020:
John Holliday
- Cadia Discovery History Talk via GeoHug
https://www.youtube.com/watch?feature=youtu.be&v=ccncxhH549M&app=desktop
June 9
th
, 2020: RRS Special Event: Investor Webinar featuring Kincora Copper (TSX.V: KCC) and RareX Limited (ASX: REE)
https://www.youtube.com/watch?v=KSW2weEg6lc&feature=youtu.be
April 7
th
, 2020:
Richard Schodde
and
John Holliday
video interview of the Lachlan Fold Belt
www.theassay.com/the-assay-tv/the-assay-tv-richard-schodde-john-holliday-kincora-copper/?dm_t=0,0,0,0,0
March 18
th
, 2020: Press release: Kincora closes agreement with RareX
https://www.kincoracopper.com/news/press-releases/18-2020/98-kincora-closes-agreement-with-rarex
January 30
th
, 2020: Press release: Kincora grows a district scale landholding in the Lachlan Fold Belt
https://www.kincoracopper.com/news/press-releases/18-2020/90-kincora-grows-a-district-scale-landholding-in-the-lachlan-fold-belt
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
Peter Leaman
(M.Sc.
Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and
John Holliday
(BSc Hons, BEc, member of
the Australian Institute of Geoscientists), Non-Executive Director and Technical Committee Chairman, who are the Qualified
Persons for the purpose of NI 43-101.
The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all
material exploration data, results and sampling procedures of previous operators and review of such information by Kincora's
geological staff using standard verification procedures.
About Kincora Copper Limited
(KCC – TSXV)
Kincora is an active junior and systematic explorer seeking to make a major discovery in
Mongolia
, the Lachlan Fold Belt in
Australia
and other prospective complementary jurisdictions.
Our technical team is credited with multiple discoveries of Tier 1 copper assets. In 3Q'19, Kincora made the strategic decision to
opportunistically pursue entry into the Macquarie Arc, in Central West of NSW. This is
Australia's
foremost porphyry belt, home to
the giant Cadia, Northparkes mines and recent Boda discovery by Alkane Resources.
The Macquarie Arc is synergistic in line with Kincora's core focus. It offers: the same scale of target (world-class); the same
commodity mix (copper-gold or gold-copper); the same mineralized setting (porphyry and/or epithermal gold); supports a similar
systematic exploration approach/exploration methods; and, is a region where the team has had significant exploration success.
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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/August2020/26/c6514.html
%SEDAR: 00003952E
For further information:
Sam Spring, President and Chief Executive Officer, [email protected] or +61431 329
345
CO: Kincora Copper Limited
CNW 16:09e 26-AUG-20