Kincora Copper poised to make secondary listing on the ASX

TSXV-listed explorer Kincora Copper has lodged a prospectus to raise up to A$10 million in fresh equity that will see it trade on the Australian Securities Exchange (ASX).

New shares in the IPO are being sold at 20¢ each to potential investors, which implies a $24.1 million market capitalisation and an $11.6 million enterprise value.

The Canadian exploration company has eight copper-gold exploration licenses in the Australian state of New South Wales (NSW) and projects in Mongolia, although it agreed to sell 80% of its Mongolian portfolio in December.

Equity raised in the secondary listing will mostly go towards exploration activities in the Lachlan Fold Belt (LFB) in NSW, as well as some desktop studies at its Mongolian operations.

Kincora president and CEO Sam Spring said: “The company plans to drill a minimum of over 17,000 metres across three projects in the LFB in the next 12 months as part of a minimum of 34,000 metres total drilling programme.”

Meanwhile, chairman Cameron McRae described the ASX as the ‘natural’ home for the company, having switched focus to become a pure play explorer in ‘Australia’s foremost copper porphyry belt.’

McRae said the company would be able to access untapped Australian investors who have significant interest in funding local exploration projects.

Morgans Corporate and Bridge Street Capital are leading the trade, which is expected to open on March 11, with the company expected to begin trading on the ASX on or around March 30.