Kincora Copper Ltd. completed a previously announced nonbrokered private placement of its units at 33 Canadian cents apiece, raising around C$5.9 million.
Each unit comprised 1 share and 0.5 of a share purchase warrant, while each whole warrant is exercisable to acquire an additional share at 44.5 cents for a two-year period.
The European Bank for Reconstruction and Development invested C$1.4 million in the placement and now holds a 6.16% stake in Kincora.
The European Bank for Reconstruction and Development holds certain pre-emptive rights to acquire further shares of Kincora in future private placements, while its consent will be required for a sale of any interest in the company's Mongolian subsidiaries.
The proceeds will be used to advance an aggressive exploration and expansion strategy, Kincora said Oct. 11.