Kainantu Resources Announces Private Placement Financing

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[{"type":"text","content":"\n \n \n \n Kainantu Resources Announces Private Placement Financing\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 \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 23, 2023\n \n \n /CNW/ - Kainantu Resources Ltd. (\"\n \n KRL\n \n \" or the \"\n \n Company\n \n \") (TSXV: KRL) (FSE: 6J0) is pleased to announce a private placement financing of up to 100,000,000 common shares of the Company (the \"\n \n Shares\n \n \") at a price of\n \n C$0.02\n \n per Share for gross proceeds of up to\n \n C$2,000,000\n \n (the \"\n \n Offering\n \n \").\n \n \n \n \n \n \n \n \n \n The Shares issued under the Offering will be subject to restrictions on resale for a period of four months from the date of issue. The Company may pay a finder's fee in cash and/or share purchase warrants in connection with the Offering.\n \n \n The net proceeds of the Offering will be used as follows: (i)\n \n \n to satisfy a\n \n US$500,000\n \n (approximately\n \n C$685,000\n \n ) payment due to\n \n Harmony Gold\n \n (PNG) Exploration Limited (\"\n \n Harmony\n \n \") under the Asset Sale and Royalty Agreement dated April\n \n \n 6, 2022 with Harmony, (ii)\n \n \n to carry out exploration work of approximately\n \n US$500,000\n \n (approximately\n \n C$685,000\n \n ) on its properties in\n \n Papua New Guinea\n \n , and (iii)\n \n \n the balance on general administrative and working capital purposes.\n \n \n \n About KRL\n \n \n \n KRL is an\n \n Asia-Pacific\n \n focused gold mining company with four highly prospective gold-copper projects,\n \n Kili Teke\n \n , KRL South, KRL North and the May River Project. All projects are located in premier mining regions in PNG. Both KRL North and KRL South show potential to host high-grade epithermal and porphyry mineralisation, as seen elsewhere in the high-grade Kainantu Gold District. The May River project is near the world-renowned Frieda River Copper-Gold Project, with historical drilling indicating the potential for significant copper-gold projects.\n \n Kili Teke\n \n is an advanced development project with an existing i...

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