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- Kincora Copper (KCC) further modifies its definitive acquisition and joint-venture agreement with Resilience Mining Mongolia
- The companies partnered to define a maiden resource at the Bronze Fox mining license, with carried interest for exploration, project generation and development
- Resilience is required to convert the exploration target to a JORC and or NI 43-101 resource by April 15, with an IPO and listing on the ASX completed by June 30
- Resilience is also required to appoint a new lead manager for the proposed ASX listing
- At market close shares were trading 11.1 per cent higher at 15 cents
Kincora Copper (KCC) has further modified its definitive acquisition and joint-venture agreement with Resilience Mining Mongolia.
Kincora’s portfolio in Mongolia includes a strategic and district scale position in
the Southern Gobi porphyry belt.
At the end of June last year, the companies partnered to define a maiden resource at the Bronze Fox mining license, and carried interest for exploration, project generation and development.
As part of the agreement, Resilience is required to complete an initial public offering and list on the ASX.
Resilience was initially required to pay to convert the exploration target to a JORC and or NI 43-101 resource for the Bronze Fox project ahead of IPO.
However, Kincora told investors today that this condition has been modified and now the exploration target will need to be converted by April 15, with an IPO on the ASX and all other conditions precedent completed by June 30.
Resilience is also required to appoint a new lead manager for the proposed ASX listing.
All other conditions precedent of the agreement reportedly remain unmodified, and Kincora said it plans to continue updating the market of material progress relating to the commercial and technical milestones of the transaction with Resilience.
At market close shares were trading 11.1 per cent higher at 15 cents.
