Kenorland Completes C$9.86M Private Placement and Strategic Investment by Centerra Gold
Kenorland Minerals has completed a non-brokered private placement of C$9.86 million, issuing 8,315,871 flow-through shares. Centerra Gold acquired 9.9% of Kenorland's common shares as part of this offering. An investor rights agreement was also established between Kenorland and Centerra, allowing Centerra to maintain its ownership level in future equity issuances. Sumitomo Metal Mining Canada maintained its 10.1% interest in Kenorland through this placement. The raised funds will advance exploration projects in Quebec, Ontario, Manitoba, British Columbia, and Saskatchewan. All issued shares will adhere to a statutory hold period until September 29, 2024.
- Kenorland Minerals successfully raised C$9.86 million.
- Centerra Gold acquired a significant 9.9% stake in Kenorland.
- No finder's fees were paid in connection with the offering.
- Sumitomo Metal Mining maintained its 10.1% interest in the company.
- Proceeds will be used to advance exploration projects across multiple Canadian provinces.
- All issued shares are subject to a statutory hold period until September 29, 2024.
- Potential dilution of existing shareholders' equity due to new share issuance.
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2024) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce that the Company has completed its previously announced non-brokered C
Centerra Gold Inc. ("Centerra") has acquired approximately
Pursuant to the Offering the Company issued (i) 6,216,931 FT Shares (the "National FT Shares") at a price of
Sumitomo Metal Mining Canada Ltd. ("Sumitomo") also participated as an end purchaser of Shares following the charitable flow through donations in the Offering, maintaining its
The proceeds from the Offering will be used to advance exploration at Kenorland's Canadian projects in Quebec, Ontario, Manitoba, British Columbia and Saskatchewan. This work will be eligible as "Canadian Exploration Expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada), and in the case of the proceeds from the sale of the QC FT Shares, as defined in the Taxation Act (Quebec), and in the case of the proceeds from the sale of the MB FT Shares as defined in the Income Tax Act (Manitoba).
All FT Shares issued in the Offering are subject to a statutory hold period in accordance with applicable securities legislation expiring on September 29, 2024.
No finder's fees were paid in connection with the Offering.
About Kenorland Minerals Ltd.
Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a
Further information can be found on the Company's website www.kenorlandminerals.com.
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Investor Relations Manager
Tel +1 604 568 6005
info@kenorlandminerals.com
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210824
FAQ
What is the total amount raised by Kenorland Minerals in the private placement?
What percentage of Kenorland's shares did Centerra Gold acquire?
What is the purpose of the funds raised by Kenorland Minerals?
What is the statutory hold period for the issued shares?
Did Kenorland Minerals pay any finder's fees in connection with the offering?
What is the average price per flow-through share issued in the Kenorland Minerals offering?
Which other company maintained its interest in Kenorland Minerals through this placement?
