Kincora Announces Private Placement to Accelerate Drilling

https://www.newswire.ca/news-releases/kincora-announces-private-placement-to-accelerate-drilling-862486598.html

• Kincora intends to raise up to $5 million at $0.10 per Unit with a full warrant
• Indicated strong support from other existing and new shareholders, and Australian brokers
• Following positive initial drilling results at the Trundle project, placement proceeds will be primarily used to expand the ongoing six hole program to over twenty drill holes with an additional 11,000 metres of drilling
• Trundle is the only brownfield project held by a listed junior in Australia's foremost porphyry belt, within the same mineralized complex as Australia's second largest porphyry mine

VANCOUVER, BC, Aug. 4, 2020 /CNW/ - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV: KCC) announces a non-brokered private placement (the "Offering") of units at $0.10 per unit (the "Units") to raised up to $5 million. The Units will be comprised of one share (a "Share") and one warrant (a "Warrant"), each Warrant entitling the holder to acquire a further share at a price of $0.25 for a term of 2 years.

The Company is also pleased to have received strong indicative support from many existing and new shareholders, and Australian based brokers.

Sam Spring, President and CEO, noted, "Initial drilling at the Trundle project has been very positive at our first two targets, Trundle Park and Mordialloc, and strongly warrants expanding the ongoing initial 6-hole program.

A total of 22 holes are now proposed to aggressively pursue targets that our industry leading exploration team feel offer the potential for multiple clusters of high grade porphyry related copper-gold systems and position Kincora as the leading pure play porphyry explorer in Australia's foremost porphyry belt".

Chairman Cameron McRae commented, "A strong and successful offering will provide the platform for a significant drilling program at Trundle, advancement of our district scale project pipeline in the Macquarie Arc and pursuit of a corporate strategy to maximise the value of our portfolio.

It is pleasing to see our initial drilling results at Trundle attract considerable interest from the market, including resource sector specialists and leading Australian based brokers."

Morgans Corporate Limited has been engaged as a finder for a portion of the non-brokered placement, and lead agent and manager for a proposed listing on the Australian Securities Exchange ("ASX").

As previously announced¹, initial drilling results at the Trundle project have provided strong encouragement in the search for the core, ore-grade parts of a cluster of porphyry copper-gold systems in a brownfields setting to Australia's second largest porphyry mine, Northparkes, on the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia.

Given the nature of the skarn and pencil/finger porphyry targets and results to date at the Trundle Park and Mordialloc targets, the primary use of funds of the non-brokered private placement is expanding the current ongoing 6-hole program to a total of 22 holes with a further 11,000 metres of drilling. Other uses of funds include:

• advancing the understanding of the near surface skarn system at the Trundle Park target;
• advancing the Company's earlier stage licenses and project pipeline (7 additional licenses), several of which are now surrounded by the likes of FMG and Inflection Resources';
• general working capital; and,
• pursuing a listing on the Australian Securities Exchange ("ASX").