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Kenorland Announces Termination of Joint Venture at the Healy Project, Alaska and Completes Top-Up Right from Sumitomo and Centerra
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2025) - Kenorland Minerals Ltd. (TSXV: ...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Announces Termination of Joint Venture at the Healy Project, Alaska and Completes Top-Up Right from Sumitomo and CenterraVancouver, British Columbia--(Newsfile Corp. - June 27, 2025) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) (\"Kenorland\" or the \"Company\") announces that Newmont Corporation (\"Newmont\") has delivered a notice to terminate the joint venture agreement in respect of the Healy project (the \"Project\") in Alaska. While the Company fully vested a 70% interest in the Project, the parties have chosen not to conduct any further exploration on the property. Due to the cost of maintaining the claims and the Company's focus on higher priority exploration projects, the Company and Newmont plan to allow the Healy claims to lapse.Completion of Top-Up RightThe Company also announces that, further to its press release dated June 13, 2025, the Company, Sumitomo Metal Mining Canada Ltd. (\"Sumitomo\") and Centerra Gold Inc. (\"Centerra\"), have completed the exercise of Sumitomo's and Centerra's 'top-up right' to retain its 10.1% and 9.9% interest in the Company, respectively, as granted within the investor rights agreements dated November 5, 2021 and May 28, 2024.An aggregate of 257,737 common shares of the Company (\"Shares\") were issued for an aggregate consideration of $408,162.85 representing 228,130 Shares at a price of $1.598 per Share and 29,607 Shares at a price of $1.473 per Share. The Shares issuable in the private placement are subject to a statutory hold period in accordance with applicable securities legislation and the rules and policies of the TSXV expiring on October 27, 2025.As Sumitomo is the beneficial owner of more than 10% of Kenorland's outstanding shares, it is a \"related party\" to the Company within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). As such, the transaction constituted a \"related party transaction\" within the meaning of MI 61-101.The Company has relied upon on exemptions from formal valuation and the minority shareholder approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of either transaction does not constitute more than the 25% of the Company's market capitalization.Qualified PersonJanek Wozniewski, B.Sc., P.G...