Kenorland Completes Top-Up Right from Sumitomo and Centerra
Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) has completed a top-up right exercise with Sumitomo Metal Mining Canada and Centerra Gold. The transaction involved issuing 209,054 common shares at $1.533 per share, raising total proceeds of $320,479.78. This allows Sumitomo and Centerra to maintain their respective 10.1% and 9.9% ownership stakes in Kenorland.
The issued shares are subject to a statutory hold period until September 10, 2025. As Sumitomo owns over 10% of Kenorland's shares, the transaction qualified as a "related party transaction" under MI 61-101, though exemptions from formal valuation and minority shareholder approval were applied as the transaction value was below 25% of Kenorland's market capitalization.
Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) ha completato un esercizio di diritto di aumento con Sumitomo Metal Mining Canada e Centerra Gold. L'operazione ha comportato l'emissione di 209.054 azioni ordinarie al prezzo di 1,533$ per azione, raccogliendo un totale di 320.479,78$. Questo permette a Sumitomo e Centerra di mantenere rispettivamente le proprie partecipazioni del 10,1% e 9,9% in Kenorland.
Le azioni emesse sono soggette a un periodo di blocco statutario fino al 10 settembre 2025. Poiché Sumitomo possiede oltre il 10% delle azioni di Kenorland, l'operazione è stata qualificata come una "transazione con parti correlate" ai sensi del MI 61-101, anche se sono state applicate esenzioni dalla valutazione formale e dall'approvazione degli azionisti di minoranza, poiché il valore della transazione era inferiore al 25% della capitalizzazione di mercato di Kenorland.
Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) ha completado un ejercicio de derecho de aumento con Sumitomo Metal Mining Canada y Centerra Gold. La transacción implicó la emisión de 209,054 acciones ordinarias a $1.533 por acción, recaudando un total de $320,479.78. Esto permite que Sumitomo y Centerra mantengan sus respectivas participaciones del 10.1% y 9.9% en Kenorland.
Las acciones emitidas están sujetas a un período de retención legal hasta el 10 de septiembre de 2025. Dado que Sumitomo posee más del 10% de las acciones de Kenorland, la transacción se calificó como una "transacción con partes relacionadas" bajo MI 61-101, aunque se aplicaron exenciones de valoración formal y aprobación de accionistas minoritarios, ya que el valor de la transacción estaba por debajo del 25% de la capitalización de mercado de Kenorland.
Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF)는 Sumitomo Metal Mining Canada 및 Centerra Gold와 함께 추가 권리 행사(Top-up Right Exercise)를 완료했습니다. 이번 거래에서는 주당 1.533달러에 209,054개의 보통주가 발행되어 총 320,479.78달러의 자금이 조달되었습니다. 이를 통해 Sumitomo와 Centerra는 각각 Kenorland의 10.1%와 9.9% 지분을 유지할 수 있게 되었습니다.
발행된 주식은 2025년 9월 10일까지 법정 보유 기간이 적용됩니다. Sumitomo가 Kenorland 주식의 10% 이상을 보유하고 있어 이번 거래는 MI 61-101에 따른 "특수관계자 거래"로 분류되었으나, 거래 금액이 Kenorland 시가총액의 25% 미만이므로 공식 평가 및 소수 주주 승인 면제 대상이 되었습니다.
Kenorland Minerals (TSXV : KLD) (OTCQX : KLDCF) a réalisé un exercice de droit de souscription avec Sumitomo Metal Mining Canada et Centerra Gold. La transaction a consisté en l’émission de 209 054 actions ordinaires au prix de 1,533 $ par action, permettant de lever un total de 320 479,78 $. Cela permet à Sumitomo et Centerra de conserver respectivement leurs participations de 10,1 % et 9,9 % dans Kenorland.
Les actions émises sont soumises à une période de blocage statutaire jusqu’au 10 septembre 2025. Comme Sumitomo détient plus de 10 % des actions de Kenorland, la transaction a été qualifiée de « transaction avec partie liée » selon le MI 61-101, bien que des exemptions à l’évaluation formelle et à l’approbation des actionnaires minoritaires aient été appliquées, la valeur de la transaction étant inférieure à 25 % de la capitalisation boursière de Kenorland.
Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) hat eine Ausübung des Bezugsrechts mit Sumitomo Metal Mining Canada und Centerra Gold abgeschlossen. Die Transaktion umfasste die Ausgabe von 209.054 Stammaktien zu einem Preis von 1,533 $ pro Aktie und brachte Gesamterlöse von 320.479,78 $ ein. Dadurch können Sumitomo und Centerra ihre jeweiligen Beteiligungen von 10,1 % bzw. 9,9 % an Kenorland aufrechterhalten.
Die ausgegebenen Aktien unterliegen einer gesetzlichen Haltefrist bis zum 10. September 2025. Da Sumitomo mehr als 10 % der Kenorland-Aktien besitzt, wurde die Transaktion gemäß MI 61-101 als "Transaktion mit verbundenen Parteien" eingestuft, wobei Ausnahmen von der formellen Bewertung und der Zustimmung der Minderheitsaktionäre angewendet wurden, da der Transaktionswert unter 25 % der Marktkapitalisierung von Kenorland lag.
- Maintains strategic partnership with major mining companies Sumitomo and Centerra
- Raises $320,479.78 in additional capital
- Transaction demonstrates continued support from significant shareholders
- Minor dilution for existing shareholders
- Shares subject to hold period until September 10, 2025
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") announces that, further to its press release dated April 25, 2025, the Company, Sumitomo Metal Mining Canada Ltd. ("Sumitomo") and Centerra Gold Inc. ("Centerra"), have completed the exercise of Sumitomo's and Centerra's 'top-up right' to retain its
An aggregate of 209,054 common shares were issued at a price of
As Sumitomo is the beneficial owner of more than
The Company has relied upon on exemptions from formal valuation and the minority shareholder approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of either transaction does not constitute more than the
About Kenorland Minerals
Kenorland 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
Further information can be found on the Company's website: www.kenorlandminerals.com.
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Corporate Development and Investor Relations Manager
Tel +1 604 568 6005
info@kenorlandminerals.com
Cautionary 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", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251705
FAQ
What is the purpose of Kenorland Minerals' (KLDCF) top-up right exercise with Sumitomo and Centerra?
How many shares did Kenorland (KLDCF) issue in the May 2025 private placement?
When does the hold period expire for Kenorland's (KLDCF) newly issued shares?
Why was Kenorland's (KLDCF) transaction with Sumitomo considered a related party transaction?
