Business
Kenorland Minerals Ltd. (Formerly, Northway Resources Corp.) Announces Completion of Reverse Takeover
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2021) - Kenorland Minerals Ltd. (TSXV: NTW) ("Kenorland") (formerly, Northway Resources Corp. ("Northw
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - January 4, 2021) - Kenorland Minerals Ltd. (TSXV: NTW) (\"Kenorland\") (formerly, Northway Resources Corp. (\"Northway\")) is pleased to announce the completion on December 31, 2020 of its previously announced reverse takeover transaction (the \"Transaction\"). Pursuant to the Transaction, a subsidiary of Northway amalgamated with the target (formerly, Kenorland Minerals Ltd.) (the \"Target\") and securityholders of the Target received securities in the capital of Kenorland, as further described below. The Transaction constituted a 'reverse takeover' of Northway pursuant to Policy 5.2 of the TSX Venture Exchange (the \"TSXV\"). Transaction Summary Prior to completing the Transaction, Kenorland changed its name from Northway Resources Corp. to \"Kenorland Minerals Ltd.\" and consolidated its share capital on the basis of one (1) post-consolidation common share of Kenorland (each, a \"Kenorland Share\") for every seven (7) common shares of Kenorland existing immediately before the consolidation (the \"Consolidation\"). Pursuant to the terms of the Transaction, all outstanding securities of the Target were exchanged for post-Consolidation securities of Kenorland on a two (2) for one (1) basis. In connection with the Transaction, Kenorland issued an aggregate of 30,518,002 Kenorland Shares to former shareholders of the Target, representing approximately 66.97% of the issued and outstanding Kenorland Shares. For more information on the Transaction, refer to the Joint Information Circular of Northway and the Target dated November 27, 2020, as updated by the press release of Northway dated December 29, 2020, both available under Kenorland's SEDAR profile at www.sedar.com. It is anticipated that the Kenorland Shares will commence trading on the TSXV under the ticker symbol \"KLD\" in early January following the issuance of the TSXV's final listing bulletin. Subscription Receipt Financing As previously announced, the Target completed a brokered subscription receipt financing for gross proceeds of $10,000,000 (the \"Financing\"). As per the terms of the Financing, upon the completion of the Transaction, each subscription receipt converted, on a post-Consolidation basis, into one (1) Kenorland Share for an aggregate total of 10,000,000 Kenorland Shares, representing approximately 21.95% of th...