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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kincora Copper Limited | TSXV:KCC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.03 | 0.035 | 0.045 | 50 | 14:30:01 |
MELBOURNE, Australia, Dec. 15, 2023 /CNW/ - Kincora Copper Limited (ASX: KCC) (TSXV: KCC), Kincora or the Company) today announced it has completed the acquisition of RareX's minority and carried interest in various projects to now have a 100% ownership in the entire NSW project portfolio and this follows an associated A$2m raising completed last quarter.
Mr. Jeremy Robinson, founder and chair of RareX, has joined the Company's board as a non-executive director and brings extensive corporate transaction, project generation and capital markets experience.
Chairman Cameron McRae, commented:
"Completion of the acquisition with RareX results in Kincora holding a 100% interest in a highly prospective and district scale project portfolio in NSW. This transaction supports a pivot in funding strategy seeking dilution at the project rather than solely at the listed company level as has been in the past.
Completion of the RareX acquisition is expected to be a major catalyst for ongoing discussions and negotiations for the NSW projects.
I now formally welcome Jeremy to the board and acknowledge his already significant inputs to the Kincora team on a number of value adding initiatives. We look forward to leveraging Jeremy's commercial experience and value-added focus."
Further to the July 31st, 2023, press release announcing the conditional agreement with RareX to acquire its minority and carried interest in various NSW projects, the Company is pleased to announce all conditions precedent have been met and the Acquisition has completed with the 40,000,000 shares being issued to RareX, which was approved by shareholders on September 27th, 2023.
With this transaction now complete, Kincora's 100% interest in all NSW projects yields certain benefits:
Mr. Jeremy Robinson has joined Kincora's Board as a Non-Executive Director and member of the Company's Remuneration Committee.
Mr. Robinson is the founder and the current chair of RareX, is a significant shareholder in Kincora and brings an extensive track record of fund raising, corporate development and successful exploration, resource growth and development stages in the junior sector.
Mr. Robinson has 18 years corporate finance experience both in investment firms and in-house, having earned a Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing.
The Company further reports that in connection with the Acquisition, RareX has acquired beneficial ownership and control of 40,000,000 shares of Kincora in the form of CDIs. Prior to the acquisition, RareX had beneficial ownership and control over 4,983,333 common shares, representing 2.4% of the outstanding shares of the Company.
After the Acquisition, RareX has direct ownership and control over an aggregate of 44,983,333 common shares of Kincora, representing 18.2% of the issued and outstanding common shares of Kincora. RareX acquired the shares for investment purposes and may in the future acquire or dispose of securities of the Company through the market, privately or otherwise as circumstances or market conditions warrant.
The Company notes RareX has today filed an early warning report advising of a change in its holdings in Kincora following the receipt of consideration for the Acquisition.
Post the Acquisition, Kincora's total issued ordinary shares are 247,173,541.
1 Vended RareX licenses |
In January 2020, Kincora executed a binding agreement with RareX that provided for a controlling interest in a portfolio of 6 advanced to early stage copper-gold exploration licenses that have demonstrated mineralisation and strategic appeal. In March 2020, Kincora acquire a 65% interest in the respective licenses, becoming operator and sole funder of all further exploration until a positive scoping study or preliminary economic assessment ("PEA") was delivered on a license-by-license level basis. In July 2023, Kincora executed a conditional agreement with RareX to increase its interest to 100% and remove the carried interest with this transaction completed in December 2023. | |
The vended Trundle (EL8222), Fairholme (EL6552 and EL6915), Jemalong (EL8502), Cundumbul (EL6661) and Condobolin (EL7748) licenses all host demonstrated large scale mineral systems and are located in highly prospective settings on proven mineral and mining belts of the Lachlan Fold Belt, in Central West NSW. | |
This portfolio has previously attracted significant investment from Newcrest, Goldfields, High Powered Exploration Inc. (now Ivanhoe Electric), Kaizen Discovery, Mitsubishi Materials Corporation and Ramelius Resources Ltd., amongst others. | |
All most recent previous asset level counterparties withdrew within a 6-month period at the bottom of the previously commodity price cycle. No drilling or follow up exploration of note had taken place until Kincora's recent activities. | |
Consolidating the project ownership and removing the existing carried interests increases the strategic value of Kincora's NSW project portfolio. The project portfolio already attracted interest from mid-tier and an industry majors, and with an ownership structure now in place that provides optionality for project level funding and other corporate transactions. | |
RareX is listed on the ASX with the ticker "REE", and is formerly known as Sagon Resources and Clancy Exploration Limited. RareX is now focused on the development of its Cummins Range rare earths and Direct Shipping Ore (DSO) phosphate project in Western Australia. RareX is Kincora's largest shareholder with a ~18.2% interest. | |
In addition to the licenses acquired from RareX, Kincora was the first mover and secured directly from the NSW Government a district scale position in the interpreted northern undercover extension of the Macquarie Arc. | |
Kincora bet Fortescue and Inflection Resources (its subsequent earn-in partner Anglo-Gold Ashanti) to the most prospective and shallow to moderate depth sections of the interpreted northern extension of the Junee-Narromine Belt. | |
Due to post mineral cover there has been very limited prior drilling in this section of the belt relative to the southern section (which hosts >160Moz gold equivalent – source MinEx Consulting). | |
The Northern Junee-Narromine Belt ("NJNB") offers new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, supportive of large-scale (Cadia-scale) targets analogous to porphyry deposits located in the southern section of the Macquarie Arc and other globally significant porphyry districts. | |
2 Mongolian divestment |
For further details please refer to the Company's Third Quarter Financials, and Management's Discussion and Analysis ("MD&A"), released November 15th, 2023. |
This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
SOURCE Kincora Copper Limited
Copyright 2023 Canada NewsWire
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