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Kincora Copper Closes Second Tranche Of Placing To Raise C$4.68mln

Kincora Copper (CVE:KCC) revealed it has raised C$4.68mln after closing the second tranche of its private placement financing.

The first slice of the placing announced two week ago raised gross proceeds of C$4.63mln, with major shareholder Origo putting in C$2mln.

The second tranche raised C$52,000 after Kincora issued 500,000 units at a price of C$0.105 per unit.

Each unit comprises one common share and one common share purchase warrant, which entitles the holder to buy one common share for a period of three years at a price of C$0.19 per share.

Funds from the capital raising, which eventually will total C$6mln, will be directed towards the continuation of drilling and exploration activities at the company's flagship Bronze Fox project and for working capital.

Bronze Fox is located in the emerging Oyu Tolgoi South Gobi porphyry copper belt in southeast Mongolia.

Kincora hopes to become the leading listed independent copper exploration and development company in the highly prospective region.

Shares sank 1 cent on the news to stand at C$0.095 each.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.