Kincora Copper Limited announced that it has completed a non brokered private placement offering with Origo Partners PLC of a convertible note in the aggregate principal amount of up to USD 2,500,000 due and payable 3 years from the date of issuance.

The Convertible Note bears interest at 8.7% per annum calculated and paid annually by way of the issuance of common shares of the Company priced at the time of issuance in accordance with the policies of the TSX Venture Exchange and is convertible into units at any time after the date of issuance at a price of USD 0.25 per Unit.

Each Unit is comprised of one common share of the Company and one share purchase warrant each Warrant is exercisable to purchase one common share at a price of USD 0.45 for a term ending at the Maturity Date.

In connection with the Offering, the Company has agreed to give Origo certain pre-emptive rights to acquire further equity securities of the Company. Origo is currently the largest shareholder of Kincora holding 46,371,083 common shares or 29.28% of the Company. The proceeds of the private placement will be used by the Company for further development on its mineral properties in Mongolia and for general working capital.

Source - Kincora Copper

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