Resilience Mining Mongolia Limited ("RM1") starts Initial Public Offering ("IPO") to be listed on the Australian Securities Exchange ("ASX"); Proposed IPO.
Copper/gold play Kincora Copper seeks dual-listing
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Copper/gold explorer Kincora Copper is coming for the ASX.
Louise Kennerley
The copper/gold explorer has lodged a prospectus to raise up to $10 million in fresh equity that will see it trade on the local bourse, alongside its existing spot on Canada’s TSX Venture Exchange.
New shares in the IPO were being sold at 20¢ each to potential investors, which implied a $24.1 million market capitalisation, and an $11.6 million enterprise value.
Although founded in Canada, Kincora has interests in eight copper/gold exploration licenses in central New South Wales, west of Dubbo. It also has stakes in a bunch of resources projects in Mongolia, including one mining license.
Tax Act from Mongolian Tax Authority
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A Mongolian subsidiary of Kincora has received a Tax Act ( 2021 tax assessment ) for 2.7 billion MNT, approximately US$950,000, from the Mongolian Tax Authority ( MTA ) relating primarily to the 2016 merger with IBEX
The 2016 IBEX merger required a tax assessment ( 2016 tax assessment ) as a condition precedent to closure and for reregistration of the merged entities
The 2021 tax assessment is a retrospectively calculated liability and is not in-line with the 2016 tax assessment
Three independent external legal opinions support Kincora s view that the 2016 tax assessment and merger transaction were properly formulated and supported by the Mongolian authorities at that time
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New high grade gold with copper rock chip samples on margin of Tourmaline Hills Intrusive Complex at the West Fox prospect:
Average grade of 8.8g/t gold from 39 samples with 16 greater than 1g/t
Results include: 118g/t gold with 0.33% copper; and, 34g/t gold with 0.86% copper
West Fox is an intermediate sulfidation epithermal prospect with an out/sub-crop area of 3km by 1.2km identified for follow up exploration activities, including three new target areas
Other epithermal target areas on the margin of the two neighboring large intrusive complexes within the Bronze Fox project are identified for similar field reconnaissance
Kincora intersects further encouraging intervals at Trundle
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The latest drill hole at the Trundle Park prospect, TRDD012, provides further significant encouragement following on from previously announced TRDD0011 observations:
TRDD012 returns the best observed primary bornite and chalcopyrite zones to date at the Trundle project
four well developed and broad skarn horizons intersected
High priority intervals from TRDD011 and TRDD012 submitted for assay results
A second drill rig to be operational early in the new year at the Trundle Park prospect to assist expansion of the alteration and mineralization footprints
On-going drilling and relogging of core at the Trundle Park prospect are providing improved geological understanding and vectors for the at/near surface skarn potential and also the potential for a large related porphyry intrusion system