Business
Kenorland Minerals Receives Notice of Exercise of Top-Up Right from Sumitomo and Announces New Omnibus Share Incentive Plan
Vancouver, British Columbia--(Newsfile Corp. - September 1, 2023) - Kenorland Minerals Ltd. ( T...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Minerals Receives Notice of Exercise of Top-Up Right from Sumitomo and Announces New Omnibus Share Incentive PlanVancouver, British Columbia--(Newsfile Corp. - September 1, 2023) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) (\"Kenorland\" or the \"Company\") announces that, further to the investor rights agreement dated November 5, 2021 (the \"IRA\") between the Company and Sumitomo Metal Mining Canada Ltd. (\"Sumitomo\"), Sumitomo has issued to the Company its intent to exercise its 'top-up right' and retain its 10.1% interest in the Company.An aggregate of 22,470 common shares will be issued at a price of $0.7368 per share for aggregate consideration of $16,555.90 in accordance with the IRA, subject to the approval of the TSX Venture Exchange. A copy of the IRA is available on the Company's SEDAR+ profile.New Omnibus Share Incentive PlanThe Company announces that its board of directors has approved the replacement of its existing stock option plan and long-term incentive plan with a new omnibus share incentive plan (the \"New Plan\"). Shareholders will be asked to ratify and confirm adoption of the New Plan at the next annual general meeting to be held on September 22, 2023. The New Plan remains subject to the final approval of the TSX Venture Exchange. Details of the New Plan can be found in the Company's 2023 AGM information circular on its website at www.kenorlandminerals.com/investors/#agm-materials or on the Company's SEDAR+ profile. 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 five projects in Quebec where work is being completed under joint venture and earn-in agreements from third parties. The Frotet Project and Chicobi Project are held under joint venture with Sumitomo, the O'Sullivan Project is optioned to Sumitomo, the Chebistuan Project is optioned to Newmont Corporation and the Hunter Project is held under option to Centerra Gold Inc. In Alaska, the Company holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well as a 70% interest in the Healy Project, held under joint venture with Newmo...