Kincora Copper closes second tranche of financing with EBRD
Mongolia-focused explorer Kincora Copper Ltd closed its second tranche placing with the EBRD raising C$1.4mln.
Mongolia-focused explorer Kincora Copper Ltd 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 in past August 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.” 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.
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