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Kincora Copper Executes Share Purchase Agreements for Divestment of Mongolian Assets

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Kincora Copper (KCC.V) has executed share purchase agreements with a wholly owned subsidiary of Tumen Ail Coal LLC (TAC) to divest Kincora's wholly owned Mongolian subsidiaries, it said Thursday.

The transaction's aggregate staged consideration is $10 million, to be paid in full to Kincora, free and clear of any taxes, levies, or fees, but excluding certain contractual obligations of Kincora's, stated the company.

A $3.5 million stage payment is due to Kincora within five business days and a final staged payment of $5 million is due into an escrow account for release upon registration of the changes in the shareholders of the Mongolian subsidiaries expected to occur before year-end, said the company.

Previously, the company had received a $1.5 million option payment, Kincora added.

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