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Canadian North Resources Receives $2,155,797 from Early Exercise of Warrants from Major Shareholders
TORONTO, July 05, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. ("the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce t
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" TORONTO, July 05, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (\"the Company,\" TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that KRE Development Co. Ltd (\"KRE\"), the biggest shareholder of the Company has elected to exercise their warrants ahead of the scheduled expiration of December 31, 2023. KRE is an investment company registered in Ontario, Canada, owned by two Directors of the Company. KRE exercised 1,437,198 share purchase warrants (each a \"Warrant\" to purchase one share at $1.50) for aggregate proceeds of $2,155,797 on June 30, 2023. Warrants were issued in connection with the Company's offering of units completed prior to listing. \"We are delighted to announce the early exercise of warrants,\" said Dr. Kaihui Yang, President, and CEO of the Company. \"This demonstrates the continued confidence and support from the major shareholders. The Company intends to use the proceeds from the warrant exercise for the exploration programs currently carried on at its 100% owned Ferguson Lake project and for general working capital purposes.\" About Canadian North Resources Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project that covers an area of 253.8 km2 of mining leases (96.9 km2) and surrounding exploration claims (156.9 km2) in the Kivalliq Region of Nunavut, Canada. The Ferguson Lake mining property contains substantial resources in compliance with NI43-101 standards, which include Indicated Mineral Resources of 24.3 million tonnes containing 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred Mineral Resources of 47.2 million tonnes containing 947Mlb copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%, 2.12Moz palladium at 1.4gpt and 0.38Moz platinum at 0.25gpt. The resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt. (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada,...