Origo Partners PLC Announcement re Kincora Copper Limited (1422A)
June 03 2016 - 3:30AM
UK Regulatory
TIDMOPP TIDMOPPP
RNS Number : 1422A
Origo Partners PLC
03 June 2016
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@origoplc.com
Niklas Ponnert
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
This information is provided by RNS
The company news service from the London Stock Exchange
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