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Kincora Copper to raise C$2M in private placement, convert C$2M debt into equity

Kincora CopperLtd. said June 1 that it is planning a nonbrokered private placementfor C$2 million and has a commitment from its largest shareholder, Origo PartnersPlc, to convert the C$2 million debt note to Kincora stock on the same terms asthe placement.

The group will issue up to 5,333,333 shares at 37.5 cents eachon a post-consolidation basis, which will see High Power Exploration Inc. becoming a shareholder of the company.

Following the transactions, Kincora will be debt-free and havefunds for exploration work.