Kincora Copper Limited Closes Transaction with Origo Partners plc
18 July 2011 - 10:00PM
Marketwired
Kincora Copper Limited (TSX VENTURE: KCC) (the "Company") - Further
to its news releases of April 14, 2011 and June 20, 2011, the
Company is pleased to announce the closing of the transactions (the
"Transactions") contemplated by the share purchase agreement with
Origo Partners plc ("Origo"), an AIM-listed company, as more
particularly detailed in the filing statement of the Company dated
June 28, 2011, a copy of which is filed on SEDAR at www.sedar.com.
In connection with the closing of the Transactions the Company has
changed its name from Brazilian Diamonds Limited to Kincora Copper
Limited (TSX VENTURE: KCC).
On closing of the Transactions the Company acquired a 75%
interest (the "75% Interest") in Kincora Group Limited, a BVI
company the principal asset of which is the Bronze Fox copper/gold
project (the "Bronze Fox Project") in Mongolia. The remaining 25%
interest is held by Duchintav Khojgor, a Mongolian businessman. As
consideration for the acquisition of the 75% Interest the Company
issued 49,118,639 shares to Origo, which shares are subject to
escrow in accordance with policies of the TSX Venture Exchange. The
Company also paid US$6,000,000 to Duchintav Khojgor and invested
approximately $5,000,000 in Kincora Group Limited, which monies are
to be applied to exploration activities on the Bronze Fox
Project.
Ocean Equities Limited ("Ocean"), a UK based brokerage firm, was
issued 896,659 share purchase warrants exercisable at $0.35 per
share for a term of 3 years as a finder's fee in connection with
the closing of the Transactions.
Concurrent with the closing of the Transactions the Company also
issued 34,671,660 shares by way of private placement (the "Private
Placement") at $0.35 per share for proceeds of $12,135,081. These
shares are subject to a hold period expiring November 15, 2011. In
connection with the Private Placement the Company paid finders'
fees to Ocean in the amount of $128,100 and issued 1,324,654 shares
to Resource Investment Capital Limited, a Mongolian corporate
finance advisor.
Proceeds from the Private Placement were applied to fund the
Transactions with the balance to be applied to general working
capital.
Following the closing of the Transactions and the Private
Placement the Company has 110,665,465 shares issued and outstanding
of which 49,896,439 shares held by Origo are subject to escrow
restrictions.
The board of the directors of the Company is now comprised of
Stephen Fabian, President and CEO, David Cowan, a partner with the
law firm of McMillan LLP in Vancouver, Luke Leslie, Head of Mining
with Origo, John Rickus, Senior Geologist with Origo and Altai
Khangai, COO and acting CEO of the Mongolian Stock Exchange.
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.
Contacts: Stephen Fabian President & CEO + 33 6439 10649
Kincora Copper (TSXV:KCC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kincora Copper (TSXV:KCC)
Historical Stock Chart
From Jul 2023 to Jul 2024