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Kincora Copper closes second tranche of financing with the EBRD

"The bank is a significant investor in some of Mongolia's largest mining projects...," said Kincora
Kincora is on the hunt for copper in Mongolia

Mongolia-focused explorer Kincora Copper Ltd (CVE:KCC)  has closed its second tranche placing with the European Bank for Reconstruction and Development (EBRD) raising C$1.4mln.

It follows the closing of the first tranche on August 22, 2017, with total gross funds raised being now C$5.92mln.

"Following an extensive due diligence process we are delighted to have EBRD as a new shareholder," said Sam Spring, president and chief executive.

"The bank is a significant investor in some of Mongolia's largest mining projects and has provided finance to assist the development of the two existing economic copper projects in the Devonian belt.

"EBRD's investment is testament to the growing belief that Kincora holds some of the most exciting exploration assets along one of the last great underexplored copper belts.

Mongolia became an EBRD country of operations in October 2006 and since then has committed through debt and equity investments more than €1.42 billion to the Mongolian private sector through 92 projects in sectors ranging from banking to manufacturing and from mining to agribusiness.

Like the first tranche, each unit of 33 cents was accompanied by one share, and one-half a warrant, entitling the holder to acquire a further share for C$0.445 for two years.

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