Mongolia-focused explorer Kincora Copper Ltd (CVE:KCC) expects to close its placing with the European Bank for Reconstruction and Development (EBRD) within the next week after being granted an extension to November 4.
As reported on September 22, the firm entered a subscription agreement for a second tranche non-brokered private placement of units at C$0.33 each to bring in C$1.4mln
It follows the resource group's raising of C$4.5mln gross in a first tranche, which closed on August 22.
EBRD is one of the largest institutional investors in Mongolia and a large investor in the Southern Gobi, including being a syndicate member in the project financing of the underground development of Oyu Tolgoi.
It will own 6.16% of the firm following the placing.
Kincora's chief executive Sam Spring said the group was very pleased to welcome EBRD as a shareholder.
"The Bank has unique knowledge of, and relationships in Mongolia and has provided finance to assist the development of the two existing economic copper projects in the Devonian belt.
"In the last two months, Kincora has attracted two new significant investors who are well known in the industry and have undertaken extensive due diligence."
He added: "The second tranche from EBRD will support and accelerates the first modern systematic Tier 1 drill testing and district scale reconnaissance exploration program in the world-class, under-explored Southern Gobi Devonian copper gold belt with drilling activities commenced at our East TS target in the last month and shortly also to commence at the Bayan Tal target."
Like the first tranche, each unit will be accompanied by one share, and one-half a warrant, entitling the holder to acquire a further share for C$0.445 for two years.