Kenorland Minerals Ltd (TSX-V:KLD) said it has arranged a non-brokered $6.3 million private placement of 9,000,000 common shares at a price of $0.70 per share.
The company said proceeds of the placement will be utilized to fund exploration activities on its existing project portfolio and for general working capital.
Kenorland said it reserves the right to increase the number of shares issued under the placement by up to 2,000,000 additional shares for a total of up to 11 million shares and total gross proceeds of up to $7.7 million as an overallotment option and to accommodate previously granted equity participation rights.
READ: Kenorland Minerals kicks off exploration and reveals 2022 budget for its Tanacross project in Alaska
The closing of the placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSXV. The company may pay finder's fees to registrants in accordance with the policies of the TSXV.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a US person (as defined in Regulation S under the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
Kenorland Minerals is focused on early to advanced stage exploration in North America. The company currently holds four projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties.
The Frotet Project is held under joint venture with Sumitomo, the Chicobi Project is optioned to Sumitomo, the Chebistuan Project is optioned to Newmont Corporation, and the Hunter Project is optioned to Centerra Gold. In Ontario, the company holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corporation. In Alaska, the company holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.
Contact the author at jon.hopkins@proactiveinvestors.com