NEW YORK CITY, NEW YORK--(Marketwired - March 10, 2017) - This news release is issued by Ivanhoe Industries, LLC ("Ivanhoe Industries"), pursuant to the early warning requirements of Canada's National Instrument 62-104 and National Instrument 62-103 with respect to common shares of Kincora Copper Limited ("KCC").
High Power Ventures Inc. ("Ventures"), an affiliate of Ivanhoe Industries, was the registered holder of 5,895,000 KCC common shares, representing 11.65% of KCC's current issued and outstanding shares and is the registered holder of 2,947,500 common share purchase warrants ("Warrants").
On March 10, 2017, Ventures distributed, for no consideration, 1,210,975 KCC shares ("Initial Distribution") to one of Ventures' largest shareholders. Following the Initial Distribution, Ventures' ownership of KCC common shares has decreased by 2.39% of KCC's outstanding securities. Ivanhoe Industries, through Ventures as the registered holder, and additional shares it owns through an affiliate, is now the beneficial owner of 4,870,856 KCC common shares, representing 9.62% of the outstanding KCC common shares. Assuming the exercise of the Warrants in full, Ivanhoe Industries would be deemed to beneficially own approximately 14.60% of KCC's then outstanding common shares.
Ventures intends to continue distributing the KCC shares it holds to its shareholders until it no longer owns any KCC common shares.
For further information, and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to Kincora Copper Limited's profile on the SEDAR website (sedar.com), or contact Penny Schattenkirk at (604) 689-8765. Ivanhoe Industries has an office c/o 654 - 999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1.