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Kenorland Minerals Closes $7.49 M Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2022) - Kenorland Minerals Ltd. ...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Minerals Closes $7.49 M Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 19, 2022) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) (\"Kenorland\" or \"the Company\") is pleased to announce that it has closed the fully subscribed non-brokered million private placement (the \"Placement\") of common shares previously announced on September 9, 2022.A total of $7,492,515 was raised through the sale of 10,703,593 common shares, which included the purchase by Sumitomo Metal Mining Canada Ltd. (\"Sumitomo\") of 1,087,738 common shares, representing its full allotment in order to maintain its 10.1% interest in the Company pursuant to equity participation rights granted to Sumitomo in the investor rights agreement between the Company and Sumitomo dated November 3, 2021, a copy of which is available on the Company's SEDAR profile.The proceeds of the Placement will be utilized to fund the Company's exploration activities on its existing project portfolio and for general working capital.The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSXV. The Company may pay finder's fees to registrants in accordance with the policies of the TSXV.The common shares issuable in the Placement are subject to a statutory hold period in accordance with applicable securities legislation and the rules and policies of the TSXV expiring on January 20, 2023.The Company paid finder fees of $76,500 in cash to Haywood Securities Inc. in respect of portions of the Placement. About Kenorland MineralsKenorland Minerals Ltd. (TSXV: KLD) is a mineral exploration Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland's focus is early to advanced stage exploration in North America. The Company currently holds four projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo, the Chicobi Project is optioned to Sumitomo, the Chebistuan Project is optioned to Newmont Corporation, and the Hunter Project is optioned to Centerra Gold. In Ontario, the Company holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Cor...