3 Jun 2016 08:30
Origo Partners plc
("Origo" or the "Company")
Announcement re Kincora Copper Limited
Origo notes the announcement made on 1 June 2016 by its portfolio company Kincora Copper Limited ("Kincora") detailing a proposed private placement of up to C$2 million through the issuance of up to 5,333,333 shares at a price of C$0.375 on a post-consolidated basis (proposed 10 old for 1 new share consolidation) by Kincora ("Placement").
This follows the announcement made by Kincora on 25 May 2016 detailing that Kincora had reached agreement providing for the merger of two Kincora subsidiaries with Ibex Land Mongolia LLC and Ibex Mongolia LLC ("Ibex"), entities indirectly controlled by High Power Exploration Inc ("HPX").
In addition, concurrent with the Ibex mergers and the Placement, Origo confirms that it has agreed to convert the C$2,000,000 convertible note principal and interest outstanding (net of C$500,000 escrowed funds to be paid to Origo) into equity, subject to a Placement of not less than C$500,000, with conversion being on the same terms as the Placement.
The loan note is due and payable on 21 October 2016 with interest at 8.7% per annum, payable on maturity in cash or shares of Kincora, at Origo's election. Prior to the conversion of the loan note and its associated interest, Origo holds 85,883,786 common shares of Kincora.
The full text of the Kincora announcement dated 1 June 2016 is available at:
http://web.tmxmoney.com/article.php?newsid=7244237410151662&qm_symbol=KCC
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners plc Niklas Ponnert
| niklas@origoplc.com
|
Nominated Adviser Smith & Williamson Corporate Finance Limited Azhic Basirov Ben Jeynes
|
+44 (0)20 7131 4000 |
Public Relations Aura Financial Andy Mills |
+44 (0)20 7321 0000 |