3rd Jun 2016 07:57
LONDON (Alliance News) - Origo Partners PLC on Friday said it intends to convert its CAD2.0 million loan note into equity in portfolio company Kincora Copper Ltd following the announcement of a share placing by Kincora.
Origo said Kincora announced it plans to raise up to CAD2.0 million through a private placing of new Kincora shares. The Canada-based company also said it has reached an agreement to merge two of its subsidiaries with Ibex Land Mongolia LLC and Ibex Mongolia LLC, two entities controlled by High Power Exploration Inc, an Australian metals company.
Concurrent with this, Origo said it has agreed to convert an outstanding CAD2.0 million loan note to Kincora into equity, subject to the placing size being at least CAD500,000.
Origo shares are currently suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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