Kenorland Minerals closes placement for $7.49-million

Sep 19, 2022

2022-09-19 17:49 ET – News Release

Mr. Zach Flood reports

KENORLAND MINERALS CLOSES $7.49 M NON-BROKERED PRIVATE PLACEMENT

Kenorland Minerals Ltd. has closed the fully subscribed non-brokered million private placement of common shares previously announced on Sept. 9, 2022.

A total of $7,492,515 was raised through the sale of 10,703,593 common shares, which included the purchase by Sumitomo Metal Mining Canada Ltd. of 1,087,738 common shares, representing its full allotment in order to maintain its 10.1-per-cent interest in the company pursuant to equity participation rights granted to Sumitomo in the investor rights agreement between the company and Sumitomo dated Nov. 3, 2021, a copy of which is available on the company’s SEDAR profile.

The proceeds of the placement will be utilized to finance the company’s exploration activities on its existing project portfolio and for general working capital.

The closing of the placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX Venture Exchange. The company may pay finders’ fees to registrants in accordance with the policies of the TSX-V.

The common shares issuable in the placement are subject to a statutory hold period in accordance with applicable securities legislation and the rules and policies of the TSX-V expiring on Jan. 20, 2023.

The company paid finder fees of $76,500 in cash to Haywood Securities Inc. in respect of portions of the placement.

About Kenorland Minerals Ltd.

Kenorland is a mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, B.C. Kenorland’s focus is early- to advanced-stage exploration in North America. The company currently holds four projects in Quebec, where work is being completed under joint venture and earn-in agreement from third parties. The Frotet project is held under joint venture with Sumitomo, the Chicobi project is optioned to Sumitomo, the Chebistuan project is optioned to Newmont Corp. and the Hunter project is optioned to Centerra Gold. In Ontario, the company holds the South Uchi project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corp. In Alaska, the company holds the advanced-stage Tanacross porphyry copper-gold-molybdenum project, optioned to Antofagasta, as well as a 70-per-cent interest in the Healy project, held under joint venture with Newmont Corp.

We seek Safe Harbor.

https://kenorlandminerals.com/