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.