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Kenadyr Metals Closes Second Tranche of Subscription Receipt Financing and Announces Upsize to $3,800,000
Vancouver, British Columbia--(Newsfile Corp. - September 26, 2025) - Kenadyr Metals Corp. (TSXV: ...
About this update from Algo Grande Copper Corp.
[{"type":"text","content":"Kenadyr Metals Closes Second Tranche of Subscription Receipt Financing and Announces Upsize to $3,800,000Vancouver, British Columbia--(Newsfile Corp. - September 26, 2025) - Kenadyr Metals Corp. (TSXV: KEN.H) (OTC: KNDYF) (\"Kenadyr\" or the \"Corporation\") is pleased to announce, further to its news release dated September 15, 2025, the closing of the second tranche of a non-brokered private placement of 1,959,665 subscription receipts of Kenadyr (\"Subscription Receipts\") at a price of $0.375 per Subscription Receipt for gross proceeds of $734,874.38 (the \"Offering\"). The Offering was announced on August 18, 2025 in connection with Kenadyr's proposed reactivation on the TSX Venture Exchange (the \"TSXV\") and acquisition of the Adelita Project (the \"Proposed Transaction\"). In addition to the first tranche closing proceeds of $2,281,513.75, the Offering has raised $3,016,388.13 in aggregate gross proceeds.Each Subscription Receipt will convert into one common share in the capital of Kenadyr subject to the satisfaction of certain escrow release conditions, including the completion of the Proposed Transaction and approval of the TSXV. The proceeds of the Offering will be held in escrow pending satisfaction of the escrow release conditions. When released from escrow, proceeds from the Offering will be used to fund payment obligations and exploration expenditures relating to the Adelita Project, and for general working capital purposes.In connection with the first tranche closing, Kenadyr paid cash finder's fees of $17,587.50 and issued 46,900 finder's warrants (the \"Finder's Warrants\") to certain eligible finders. Each Finder's Warrant is exercisable to acquire an additional Common Share at an exercise price of $0.375 for a term ending 24 months after issuance.Additionally, the Corporation is pleased to increase the size of the Offering from $3,000,000 to $3,800,000 (the \"Upsize\"). The proceeds from the Offering, including from the Upsize, will be allocated towards exploration expenses and property payments on the Adelita Project, salaries and consulting fees, marketing and investor relations, payment of existing accounts payable, loan repayments, and other general and administrative expenses, including legal, accounting and audit expenses.The Corporation expects to close the third and final tranche of the Offering in du...