Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC), is pleased to announce that it has lodged a Prospectus with the Australian Securities and Investments Commission (“ASIC”) in relation to its proposed dual listing on the Australian Securities Exchange ("ASX").
Under the Prospectus, the Company proposes to raise a minimum of A$8,000,000 and a maximum of A$10,000,000 (in each case, before costs), by the issue of CHESS Depositary Interests (“CDIs”) over fully paid ordinary shares in the capital of the Company (“Shares”) (“the Offer”). A minimum of 40,000,000 CDIs and a maximum of 50,000,000 CDIs will be issued, at an issue price of A$0.20 per CDI. The CDIs will be issued at a ratio of 1 CDI for 1 Share.
Kincora’s chairman Cameron McRae commented: “In the Board’s view the ASX is the natural stock exchange for the Company, with Kincora’s primary focus and value drivers now related to our Lachlan Fold Belt (“LFB”) assets in NSW, Australia, where we seek to become the leading pure play explorer in what is Australia’s foremost copper porphyry belt.
Our assets and team are better known in this domestic market and by dual listing on the ASX we are seeking to access previously untapped local investors who have significant interest in funding local exploration projects.
We consider the listing will be positive for the future of the Company including for raising capital, liquidity and market valuation. ”
Sam Spring, President & CEO, stated: “The Company plans to drill a minimum of over 17,000 metres across three projects in the LFB in the next 12 months as part of a minimum of 34,000 metres total drilling program, significantly expanding our ongoing drilling program that comprises two rigs currently operational at the Trundle project.
With an enterprise value of C$11.5 million for the Offering that certainly provides investors very significant leverage to exploration success and pipeline of news flow.”
Morgans Corporate Limited and Bridge Street Capital Limited have been appointed Joint Lead Managers and Ernst & Young appointed Australian legal advisor. The Offer is expected to open on March 11th, 2021 with the expected commencement of trading on the ASX to be on or around March 30th, 2021.
The Company in consultation with the Joint Lead Managers will determine the allocation of CDIs under the Offer.