Business
Canadian North Resources Announces Financial Results for the Year Ended December 31, 2021
Highlights: Raised over $22 Million, Ended Year with Over $19 Million in Cash, Strengthened Management Team and Board of Directors, Completed NI43-101 Technical
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" Highlights: Raised over $22 Million, Ended Year with Over $19 Million in Cash, Strengthened Management Team and Board of Directors, Completed NI43-101 Technical Report, Planned $11 million Exploration Programs, Prepared for 15,000-meter 2022 Drill Program TORONTO, May 02, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI) is pleased to report the financial results for the year ended December 31, 2021. ”The Company has achieved a key milestone today,” said Dr. Kaihui Yang, the President & CEO, “We have accomplished a lot during the past year and have successfully listed the Company on TSX Venture Exchange in early April this year; we raised over $22 million for the exploration and development of the Ferguson Lake nickel, copper, cobalt, palladium and platinum project (“the Ferguson Lake Project”); we completed the sampling programs and the NI43-101 Technical Report for the Ferguson Lake Project, and we opened the field camp for the repairment and maintenance of the onsite building and heavy equipment, prepared for the drilling program in 2022.” “Now the Company is well positioned for the next phase of development.“ Dr. Yang added, “We have started a $11 million exploration plan that includes the NI43-101 resource estimates and a 15,000-meter drilling program at the Ferguson Lake Project (ref. the news releases on April 11, 19 and 25, 2022), to explore the potential large economic resources of nickel, copper, cobalt, palladium and platinum.” 2021 Highlights: The Company ended the year with cash and cash equivalents of $19,025,817. The Company also engaged in the following activities in 2021: The Company strengthened the team by appointing Michael Weeks as a director and Carmelo Marrelli as Chief Financial Officer of the Company. The Company closed the offering by way of Offering Memorandum of Special Warrants at a price of $1 per Special Warrant for gross proceeds of $2,223,698. The Company raised $19,999,089 from strategic investors through the subscriptions of 26,665,453 Units at a price of $0.75 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant of the Company. Each purchase warrant entitles the holder to acquire one common share of the Company at an exercise price of $1.50 per common share at any time on or after June 30, 2022 and on or before...