Kenorland Receives Notice of Exercise of Top-Up Right from Sumitomo and Centerra
Rhea-AI Summary
Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) has announced that Sumitomo Metal Mining Canada and Centerra Gold Inc. have exercised their 'top-up right' to maintain their respective interests in the company. This follows the investor rights agreements dated November 5, 2021 (Sumitomo) and May 28, 2024 (Centerra).
The company will issue a total of 322,640 common shares at $1.05 per share, raising $338,772, subject to TSX Venture Exchange approval. Specifically, 162,934 shares will be issued to Sumitomo to maintain its 10.1% interest, and 159,706 shares to Centerra to retain its 9.9% stake.
Details of the investor rights agreements and a three-way acknowledgement agreement are available on Kenorland's SEDAR profile.
Positive
- Sumitomo and Centerra exercising their top-up rights demonstrates continued confidence in Kenorland
- The share issuance will raise $338,772 for the company
- Maintenance of strategic partnerships with Sumitomo (10.1% stake) and Centerra (9.9% stake)
Negative
- Potential dilution of existing shareholders due to the issuance of new shares
News Market Reaction – KLDCF
In the trading session that priced this news, KLDCF gained 4.80%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 20, 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 "Sumitomo IRA") between the Company and Sumitomo Metal Mining Canada Ltd. ("Sumitomo") and the investor rights agreement dated May 28, 2024 (the "Centerra IRA") between the Company and Centerra Gold Inc. ("Centerra"), each of Sumitomo and Centerra have issued to the Company notice of their respective intentions to exercise their 'top-up right' as it relates to certain share issuances completed by the Company and to retain their interests in the Company.
An aggregate of 322,640 common shares will be issued at a price of
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
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/223961