Canadian North Resources Inc. Announces Closings of Private Placement and Proposed Private Placement

Rhea-AI Summary

Canadian North Resources Inc. announces the closing of its non-brokered private placement of Flow-Through Shares at a price of $2.70 per share, raising $2,784,847.50. They also plan to proceed with a non-brokered private placement of Charity Flow-Through Shares at a price of $2.877 per share, with gross proceeds of up to $5,272,450.62. The funds will be used for exploration activities on the Ferguson Lake project in Nunavut and are eligible for the federal 30% Critical Metals Exploration Tax Credit.

Positive

• Canadian North Resources Inc. successfully closed a private placement of Flow-Through Shares, raising $2,784,847.50. They also plan to proceed with a private placement of Charity Flow-Through Shares, with potential gross proceeds of up to $5,272,450.62. The funds will be used for exploration activities on the Ferguson Lake project in Nunavut, benefiting from the federal 30% Critical Metals Exploration Tax Credit.

Negative

• None.

TORONTO, ON / ACCESSWIRE / July 27, 2023 / Canadian North Resources Inc. (the "Corporation") (TSX-V:CNRI)(OTCQX:CNRSF)(FSE:EO0) announces the closing of its non-brokered private placement of common shares ("Flow-Through Shares") on a flow-through basis pursuant to the Income Tax Act (Canada), of which 1,031,425 Flow-Through Shares were issued at a price of $2.70 per share for gross proceeds of $2,784,847.50 (the "Flow-Through Offering").

Finder's fees in relation to the Flow-through Offering has been paid in cash in an amount equal to 6% of the gross proceeds of the Flow-Through Offering.

The Flow-Through Shares are subject to a statutory four month hold period, which expires November 27, 2023.

In addition to the Flow-Through Offering, the Corporation announces that it is proceeding with a non-brokered private placement of up to 1,832,621 common shares issued on a flow-through basis pursuant to the Income Tax Act (Canada) ("Charity Flow-Through Shares") at a price of $2.877 per share for gross proceeds of up to $5,272,450.62 (the "Charity Flow-Through Offering").

The gross proceeds of the Flow-Through Offering and the Charity Flow-Through Offering will be used to fund the Corporation's exploration activities targeting critical minerals on the Corporation's Ferguson Lake project located in Nunavut, and will also be eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit.

About Canadian North Resources Inc.

Canadian North Resources Inc. is an exploration and development company focusing on the metals for clean-energy, electric vehicles, battery and high-tech industries. The Corporation is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance. In particular, this document contains forward-looking information and statements regarding the use of proceeds of the Flow-Through Offering and the Charity Flow-Through Offering. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. These assumptions include that, in respect of the use of proceeds, historical costs and expenses will be representative of future costs and expenses. The Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information contact:

Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)
Email: info@cnresources.com

SOURCE: Canadian North Resources Inc.

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https://www.accesswire.com/770668/Canadian-North-Resources-Inc-Announces-Closings-of-Private-Placement-and-Proposed-Private-Placement

FAQ

What is the recent announcement by Canadian North Resources Inc?

Canadian North Resources Inc. announced the closing of its non-brokered private placement of Flow-Through Shares and plans to proceed with a non-brokered private placement of Charity Flow-Through Shares.

What is the price and gross proceeds of the Flow-Through Shares?

The Flow-Through Shares were issued at a price of $2.70 per share, raising $2,784,847.50.

What is the price and potential gross proceeds of the Charity Flow-Through Shares?

The Charity Flow-Through Shares are priced at $2.877 per share, with potential gross proceeds of up to $5,272,450.62.

What will the funds be used for?

The funds will be used for exploration activities on the Ferguson Lake project in Nunavut.

What benefit does the project have?

The project is eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit.