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Kenorland Closes $5.2 Million Strategic Investment By Sumitomo
Kenorland Closes $5.2 Million Strategic Investment By Sumitomo Canada NewsWire ...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"\n \n \n \n Kenorland Closes $5.2 Million Strategic Investment By Sumitomo\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX Venture Exchange\n \n \n \n Trading Symbol: KLD\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 3, 2021\n \n /CNW/ -\n \n Kenorland Minerals Ltd.\n \n (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) (\"\n \n Kenorland\n \n \" or the \"\n \n Company\"\n \n ) is pleased to announce the closing of a\n \n $5.2 million\n \n strategic investment (the \"\n \n Financing\n \n \") by Sumitomo Metal Mining Canada Ltd. (\"\n \n Sumitomo\n \n \").\n \n \n \n \n \n \n \n \n \n Sumitomo subscribed for and purchased 5,211,945 common shares at a price of\n \n $1.00\n \n per share for aggregate gross proceeds of\n \n $5,211,945\n \n , resulting in Sumitomo owning approximately 10.1% of the Company's outstanding common shares.\n \n \n The proceeds from the Financing will be used 80%\n \n ($4,169,556)\n \n for exploration expenditures on the Company's properties and 20%\n \n ($1,042,389)\n \n for general and administrative expenses of the Company.\n \n \n \"We are delighted to welcome Sumitomo Metal Mining as a strategic investor in Kenorland,\" commented\n \n Zach Flood\n \n , President and CEO of Kenorland. \"Sumitomo's investment is a significant milestone for us and represents a strong endorsement of our team, the Frotet Project, and our additional projects and partnerships within the exploration portfolio.  We look forward to continued success and building an even stronger relationship with our newest significant shareholder.\"\n \n \n In connection with the strategic investment by Sumitomo, the Company and Sumitomo also entered into an investor rights agreement, whereby, subject to certain conditions, including time and ownership thresholds, Sumitomo will have certain rights, including the right to appoint one director of the Company.\n \n \n In addition, Sumitomo will have a right to participate in future equity issuances to maintain its ownership in the Company and will be provided with \"piggy-back registration rig...