Kenorland Receives Notice of Exercise of Top-up Right from Sumitomo and Centerra

Rhea-AI Summary

Kenorland Minerals (OTCQX: KLDCF) received notices from Sumitomo and Centerra that each intends to exercise top-up rights to maintain their ownership stakes after recent share issuances. A total of 22,406 common shares will be issued at $2.38 per share for aggregate consideration of $53,326.28, subject to TSX Venture Exchange approval.

Of the shares, 11,315 will be issued to Sumitomo to retain a 10.1% interest and 11,091 to Centerra to retain a 9.9% interest. Copies of the investor rights agreements and a three-way acknowledgement are available on the company profile.

News Market Reaction – KLDCF

+4.68%

+4.68% Session close to close

In the May 8 session, KLDCF gained 4.68%, 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.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Vancouver, British Columbia--(Newsfile Corp. - May 8, 2026) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") announces that, further to the investor rights agreement dated November 3, 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 22,406 common shares of the Company will be issued at a price of $2.38 per share for aggregate consideration of $53,326.28 in accordance with the Sumitomo IRA and Centerra IRA, subject to the approval of the TSX Venture Exchange, of which 11,315 common shares will be issued to Sumitomo in order to retain its 10.1% interest in the Company and 11,091 common shares will be issued to Centerra in order to retain its 9.9% interest in the Company. A copy of each the Sumitomo IRA and the Centerra IRA, as well as a three-way acknowledgement agreement between the Company, Sumitomo and Centerra governing procedural matters relative to the exercise of equity participation rights under the Sumitomo IRA and Centerra IRA is available on the Company's SEDAR+ profile.

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 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 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/296573

FAQ

What did Kenorland (KLDCF) announce about Sumitomo and Centerra on May 8, 2026?

They announced that Sumitomo and Centerra intend to exercise top-up rights to maintain their stakes. According to the company, 22,406 common shares will be issued at $2.38 per share for total proceeds of $53,326.28, subject to TSXV approval.

How many shares will Sumitomo and Centerra each receive under the top-up exercise for KLDCF?

Sumitomo will receive 11,315 shares and Centerra will receive 11,091 shares. According to the company, these allotments preserve Sumitomo's 10.1% and Centerra's 9.9% ownership interests, respectively.

What is the price and aggregate amount raised by Kenorland's top-up issuance (KLDCF)?

The shares are priced at $2.38 each for aggregate consideration of $53,326.28. According to the company, the issuance of 22,406 shares is subject to approval by the TSX Venture Exchange.

Does the top-up issuance change Sumitomo's and Centerra's ownership percentages in Kenorland (KLDCF)?

No, the top-up issuance is intended to retain their existing ownership percentages. According to the company, Sumitomo will retain 10.1% and Centerra will retain 9.9% after the shares are issued.

Where can investors find the investor rights agreements referenced in Kenorland's KLDCF notice?

The investor rights agreements and the three-way acknowledgement are available on the company's public filing profile. According to the company, copies of the Sumitomo IRA, Centerra IRA, and the acknowledgement agreement are posted there.