Kincora Announces Closing of Private Placement, Performance Rights Exercise and Shares for Services
Summary
Vancouver, BC, Dec 24, 2024 - (ACN Newswire) - Kincora Copper Limited KCC KCC (Kincora or the Company) is pleased to confirm the closing of its previously announced private placement of 33,500,659 shares, raising gross proceeds of AUD$1,273,025 (CAD$1,206,024). Associated with the raising a 3.9% (AUD49,478) cash fee was paid on funds raised.A portion of the private placement and the shares for services are related party transactions within the meaning of Multilateral Instrument 61-101. The Company is relying on the exemptions in sections 5.5(a) and 5.7(1)(a)of Multilateral Instrument 61-101 (the "Instrument") from the valuation and shareholder approval requirements of the Instrument in respect of the private placement and the shares for services, based on the fact that the fair market value of the transactions (as it concerns related parties) is not more than 25% of the market capitalization of the Company.Following approves at the December 10, 2024, shareholders meeting and the Company announces the exercise of 3,877,370 performance rights by certain directors, officers, and consultants. The shares have been issued at a price of $0.13 per share, with the following breakdown:The Equity Incentive Plan ("EIP") is approved annually by shareholders and a key element of the Companys total compensation package to the board, senior management and eligible consultants that seeks to align interests to shareholders, reduce cash costs and increase the amount of cash invested in exploration.Following approves at the December 10, 2024, shareholders meeting, the Board of Directors has approved the issuance of 7,169,335 common shares to certain officers, directors, and consultants as payment for services provided in 2022, 2023, and the first half of 2024. The shares will be issued as fully paid and non-assessable common shares, and applications for listing on the ASX and TSXV will be made promptly.Post the aforementioned issuances, the Company has 291,720,904 shares and 69,050,325 options outstanding.This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763).For further information please contact:Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws.