Early Warning News Release Regarding the Ownership of Securities of Kincora Copper Limited by LIM Advisors Limited and LIM Asia Special Situations Master Fund Limited

HONG KONG, June 12, 2019 /CNW/ - LIM Advisors Limited, along with LIM Asia Special Situations Master Fund Limited, as joint actor, is pleased to announce that it has acquired ownership and control of 16,722,000 subscription receipts ("Subscription Receipts") of Kincora Copper Limited ("Kincora") by participating in a treasury offering of Subscription Receipts and units ("Units") of Kincora (the "Offering"). The subscription funds for LIM Asia Special Situations Master Fund Limited's subscription have been placed in escrow, and each Subscription Receipt will be automatically exchanged for one Unit of the Issuer once the escrow release conditions are met, being TSXV approval of the Offering and receipt of disinterested shareholder approval to LIM remaining a control person of the Issuer. Once the escrow release conditions are met, the subscription funds will be released to Kincora. Each Unit consists of one common share of Kincora (each, a "Share") and one common share purchase warrant of Kincora (each, a "Warrant").

Prior to the acquisition of the Subscription Receipts, LIM Advisors Limited exercised control over 19,907,821 Shares representing approximately 27.87% of the then issued and outstanding Shares on a partially diluted basis. The acquisition of the Subscription Receipts, assuming completion of the anticipated conversion into Units, increases LIM Advisors Limited's position in the Shares of Kincora by 16,722,000 plus 16,722,000 additional Shares issuable upon exercise of the Warrants forming part of the Units.  LIM Advisors Limited now has control over approximately 35.41% of the presently issued and outstanding Shares on a partially diluted basis (after giving effect to the Offering and assuming completion of the anticipated conversion of Subscription Receipts into Units).

The Subscription Receipts were acquired for an aggregate purchase price of C$1,672,200, being C$0.10 per Subscription Receipt.

LIM Asia Special Situations Master Fund Limited has acquired the Subscription Receipts for investment purposes, and may acquire further securities of Kincora, or dispose of securities of Kincora, both as investment conditions warrant.  LIM Advisors Limited has control over but not ownership of the Shares and Warrants and provides investment management services to LIM Asia Special Situations Master Fund Limited, which has ownership of the securities of Kincora.

Kincora's head office address is Suite 800, 1199 West Hastings Street, Vancouver, BC V6E 3T5 Canada. Kincora's Shares are listed on the TSX Venture Exchange.   

LIM Advisors Limited's office address is 19/F, Ruttonjee House, 11 Duddell Street, Central, Hong Kong and its principal business is investment management.

SOURCE LIM Advisors Limited