Business
Canadian North Resources Inc. Announces Final Closing of Its Private Placement
TORONTO, ON / ACCESSWIRE / September 15, 2023 / Canadian North Resources Inc. (the " Corporation...
About this update from Canadian North Resources, Inc.
[{"type":"text","content":"Canadian North Resources Inc. Announces Final Closing of Its Private PlacementTORONTO, ON / ACCESSWIRE / September 15, 2023 / Canadian North Resources Inc. (the \"Corporation\") (TSXV:CNRI)(OTCQX:CNRSF)(FSE:EO0) announces further to its News Releases of July 27, 2023, August 2, 2023 and September 1, 2023 in relation to its non-brokered private placement of common shares (\"Flow-Through Shares\") on a flow-through basis pursuant to the Income Tax Act (Canada), of which 1,031,425 Flow-Through Shares were issued at a price of $2.70 per share for gross proceeds of $2,784,847.50 (the \"Flow-Through Offering\") and its non-brokered private placement of common shares issued on a flow-through basis pursuant to the Income Tax Act (Canada) (\"Charity Flow-Through Shares\") of which 1,832,621 Charity Flow-Through Shares were issued at a price of $2.877 per share for gross proceeds of up to $5,272,450.62 (the \"Charity Flow-Through Offering\") have now both fully closed.Finder's fees in relation to the Flow-Through Offering and the Charity Flow-Through Offering have been paid in cash in an amount equal to 6% of the gross proceeds of each of the Flow-Through Offering and the Charity Flow-Through Offering.The Charity Flow-Through Shares issued pursuant to its final closing are subject to a statutory four month hold period, which expires January 14, 2024.The gross proceeds of the Flow-Through Offering and the Charity Flow-Through Offering will be used to fund the Corporation's exploration activities targeting critical minerals on the Corporation's Ferguson Lake project located in Nunavut, and will also be eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit.About Canadian North Resources Inc.Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for clean-energy, electric vehicles, battery and high-tech industries. The Corporation is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.Forward-Looking StatementsThe information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance. In particular, this document contains forward-looking information and statements regarding the use o...