It is intended that these securities will ultimately be held by the shareholders of High Power Ventures Inc., the largest of whom are HPX Techco as to 65.78%, a subsidiary of High Power Exploration Inc.(HPV), a private company, and GoviEx Uranium Inc., a TSX Venture Exchange-listed company, as to 21.64%.
Following the one-for-10 consolidation of Kincora Copper Ltd.’s outstanding share capital and the closing of Kincora’s $1,053,060 private placement, detailed in July, Kincora is updating the terms of its share exchange agreement with HPV.
As result of the consolidation, on closing of the proposed Ibex transaction, Kincora’s shares will be issued.
Closing of the Ibex transaction remains subject to Mongolian governmental approvals, with this process in progress, and has been impacted by an adverse non-binding tax assessment. Independent advice has confirmed Kincora and HPV’s original tax position in respect of the existing deal structure under Mongolian tax and corporate law, and discussions are continuing. However, to accommodate the continuing discussions with government officials, Kincora and HPV have agreed to extend the deadline for closing the Ibex transaction to Oct. 31.
Story by ProactiveInvestors