Business
Kenorland Receives Notice of Exercise of Top-Up Right from Sumitomo
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2024) - Kenorland Minerals Ltd. (TSXV: ...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Receives Notice of Exercise of Top-Up Right from SumitomoVancouver, British Columbia--(Newsfile Corp. - March 8, 2024) - 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' as it relates to certain non-cash transactions completed by the Company and to retain its 10.1% interest in the Company.An aggregate of 24,075 common shares will be issued at a price of $0.70 per share for aggregate consideration of $16,852.50 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.About Kenorland MineralsKenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, British Columbia, Canada.Further information can be found on the Company's website www.kenorlandminerals.com On behalf of the Board of Directors,Zach FloodPresident, CEO & DirectorFor further information, please contact:Alex Muir, CFAInvestor Relations ManagerTel +1 604 568 [email protected] Statement Regarding Forward-Looking Statements This news release contains forward-looking statements and forward-looking information (together, \"forward-looking statements\") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as \"plans\", \"expects', \"estimates\", \"intends\", \"anticipates\...