Kincora Copper Ltd. Script Payment of Convertible Loan Interest
18.07.2013 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - July 18, 2013) - Kincora Copper Limited (the "Company", "Kincora") (TSX VENTURE:KCC) announces that it intends to issue 4,350,000 shares at $0.05 per share to Origo Partners PLC ("Origo") as consideration for annual interest relating to the $2,500,000 convertible note (the "Convertible Note"), subject to TSX Venture Exchange ("TSXV") approval. The Convertible Note was issued in July 2012 (refer to the July 23, 2012 press release), bears interest at 8.7% per annum, calculated and paid annually by way of the issuance of common shares of the Company with the principal convertible into common shares at a price of $0.25 per share before July 18, 2015.Origo is currently the largest shareholder of Kincora holding 70,426,642 common shares or 34% of the Company, post the aforementioned issuance. Kincora's expanded issued and outstanding common shares are anticipated to be 207,293,975 with a cash balance of approximately $2.6 million as at April 23, 2013.
About Kincora Copper Limited
Kincora Copper Limited is a junior resource company engaged in the acquisition, exploration and development of mineral properties with a focus on copper/gold projects in Mongolia.
Kincora's ambition is to be the leading listed independent copper exploration and development company in the highly prospective and proven Oyu Tolgoi South Gobi porphyry copper belt in southeast Mongolia. The Company is currently exploring its wholly owned Bronze Fox, Tourmaline Hills and North Fox projects which host an extremely large and strategically located mineralised footprint covering over 40km2.
The projects are situated only 250km from the Chinese border and within 140km of two large scale greenfield copper construction projects: Oyu Tolgoi, invested capital to date approximately US$6.6 billion and target production of up to 160,000t/ day; and, Tsagaan Suvarga, estimated capex US$1b and target production of 40,000t/ day. Other significant mines and associated infrastructure are being developed in this immediate region.
The Company is listed on the TSX Venture Exchange, was formed in mid 2011, with its head office located in Vancouver, Canada, and a regional office in Ulaanbaatar, Mongolia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Kincora Copper Limited
Sam Spring, President and Chief Executive Officer
+61431 329 345
sam.spring@kincoracopper.com
www.kincoracopper.com