- Kincora Copper (KCC) completes a $2.4 million share placement to fund drilling activities across its New South Wales-based projects
- Professional and sophisticated investors supported the placement of 43.6 million shares at 5.5 cents to be issued in two tranches, subject to shareholder approval
- The company is moving to the next phase of drilling across its five projects in the Lachlan Fold Belt and has outlined 13 targets and discovery opportunities
- Kincora says the oversubscribed offering means the company is well-funded and positioned to commence a “high-impact” and “high-conviction” drilling program
- Shares in Kincora resumed trading on Monday and closed 8.7 per cent higher at 7.5 cents
Kincora Copper (KCC) has completed a share placement to raise $2.4 million for drilling activities across its New South Wales-based projects.
The company is moving to the next phase of drilling across its five projects in the Lachlan Fold Belt and has outlined 13 targets and discovery opportunities.
The first port of call is Kincora’s brownfield Trundle project, where drilling activities are due to commence in the new year, testing five adjacent systems and separate, large-scale porphyry targets.
Kincora’s President and CEO, Sam Spring, and Chairman, Cameron McRae, said the oversubscribed offering meant the company was well-funded and positioned to commence a “high-impact” and “high-conviction” drilling program.
Professional and sophisticated investors supported the placement, which will see Kincora issue 43.6 new shares at 5.5 cents per share.
All of the company’s directors are also participating in the raise, contributing a total of $130,000.
The issue price marks a 20.3 per cent discount to the last close price of KCC shares on December 7 and a 15.2 per cent discount to the 15-day volume weight average price of KCC shares.
The shares will be issued in two tranches — the second of which is subject to shareholder approval, which will be sought at a general meeting scheduled for January 2023.
Settlement of the placement is expected to occur on December 15, with placement shares expected to be allotted and to commence trading the following day.
Shares in Kincora resumed trading on Monday and closed 8.7 per cent higher at 7.5 cents.