Final approvals for $4.52m non-brokered private placement
Total ordinary shares outstanding of 64,611,807
VANCOUVER, Aug. 22, 2017 /CNW/ - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV:KCC) has received acceptance from the TSX Venture Exchange (the "TSXV") for a private placement (the "Private Placement") consisting of 13,711,174 Units at $0.33 per Unit (gross proceeds of $4,524,687).
As per the Company's August 8th, 2017 press release, each Unit is comprised of one common share (the "Shares") and one-half of a share purchase warrant with each whole warrant (the "Warrants") entitling the holder to acquire a further Share at C$0.445 for a period of two years.
The Company announces the issuance of 166,739 shares (the "Services Shares"), 70,312 at a deemed price of $0.48 per share and 96,427 at a deemed price of $0.35 per share, to certain directors, officers and advisors on account of services rendered during the period January 1, 2017 to June 30, 2017.
The Company also announces the issuance of 127,272 shares (the "Debt Shares") at a deemed price of $0.33 per share to settle outstanding payables.
Kincora has granted to directors, officers and certain service providers a total of 1,425,929 stock options under the Company's stock option plan. The options have a two-year term from issuance date being exercisable at a price of $0.445per share. The options will vest over a four-month period from the issuance date.
All new Shares and Warrants issued are subject to a 4-month hold period. Following these issuances, Kincora has 64,611,807 issued shares, a total of 10,168,580 warrants and 6,461,181 stock options outstanding.