- Resilience Mining Mongolia Limited ("RM1") starts Initial Public Offering ("IPO") to
be listed on the Australian Securities Exchange ("ASX");
- Proposed IPO supports streamlined and dedicated jurisdictional
focus of district scale project pipelines with RM1 to advance Kincora's Mongolian assets, and
Kincora to focus on multiple ongoing project drilling programs in
NSW, Australia;
- Subject to RM1's successful admission to the ASX, Kincora will
retain significant upside to exploration, project generation and
development successes:
-
- own 9.9% of RM1 post raising a
minimum of A$5m in new equity, with
minimum A$1.6m consideration to
Kincora;
- 20% free carry interest on existing project portfolio to
certain milestones; and
- right of refusal to gain 20% interest in new projects
generated by RM1 in Mongolia.
MELBOURNE, Australia.,
Aug. 18, 2021 /CNW/ - Kincora Copper
Ltd. (the "Company", "Kincora") (TSXV: KCC) (ASX: KCC), is pleased
to announce that following the 7-day exposure period, the offer of
securities by Resilience Mining Mongolia Limited (proposed ASX
ticker: "RM1") under its IPO
prospectus to be listed on the ASX has commenced.
Under the prospectus, RM1 proposes
to raise a minimum of A$5,000,000 and
a maximum of A$6,000,000 (in each
case, before costs), of new shares and issue a minimum of
A$1,631,676 and a maximum of
A$1,769,024 of consideration shares
to Kincora (collectively "the Offer"). The Offer is now open with
Novus Capital Limited the Lead Manager. Further information is
available on the "Investors" section of Resilience
Mongolia's website.
Kincora President & CEO, Sam
Spring, who is proposed to join the board of RM1 following listing, stated:
"The Resilience board has extensive experience in the mining
and exploration fields, and has been active in Mongolia since 2016.
Subject to successful admission to the ASX, RM1 will be well funded to advance the existing
Mongolian portfolio, team and project generation strategy as a
focused and motivated partner.
Resilience has identified five immediate prospects for
drilling, testing porphyry associated copper and gold
mineralisation."
Key use of funds for RM1 (subject
to successful IPO) is drilling at the Bronze Fox mining license and
neighbouring Tourmaline Hills exploration license. Reviews are
proposed to commence of the at/near surface oxide mineral systems
at Bronze Fox (within the existing mining license and existing
exploration target) for drilling and progression of desktop
economic studies.
Field activities are expected to commence shortly after
admission to the ASX.
This announcement has been authorised for release by the
Board of Kincora Copper Ltd (ARBN 645 457 763)
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) or the Australian Securities
Exchange accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Kincora Copper Limited