Canadian North Resources Receives Total Proceeds of $9,186,597 From Exercise of Warrants
January 16 2024 - 8:30AM
Canadian North Resources Inc. ("the Company,"
TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) announces the
completion of the redemption of its outstanding purchase Warrants
(each a "Warrant" to purchase one share at $1.50). The Warrants
were issued in connection with the Company's offering of units
completed prior to listing and expired on December 29, 2023.
The Company has received total proceeds
of $9,186,597 from the exercise of 6,124,398 warrants
between January 1, 2023 and December 29, 2023. With
the exercise of these Warrants, there are no remaining outstanding
Warrants.
Insiders exercised 2,874,394 share purchase
warrants (each a "Warrant" to purchase one share at $1.50) for
aggregate proceeds of $4,311,591. Warrants were issued in
connection with the Company's offering of units completed prior to
listing.
“We would like to thank our long-time
shareholders for such a strong vote of confidence in Canadian North
Resources,” said Sophy Cesar, Head of Corporate Development. “The
results from the warrant exercises are a strong sign of support for
CNRI’s strategy to demonstrate that the Ferguson Lake project is a
world-class deposit.”
About Canadian North
Resources
Canadian North Resources Inc. is an exploration
and development company focusing on the critical metals for the
clean-energy, electric vehicles, battery and high-tech industries.
The company is advancing its 100% owned Ferguson Lake nickel,
copper, cobalt, palladium, and platinum project that covers an area
of 253.8 km2 of mining leases (96.9 km2) and surrounding
exploration claims (156.9 km2) in the Kivalliq Region of Nunavut,
Canada.
The Ferguson Lake mining property contains
substantial resources in compliance with NI43-101 standards, which
include Indicated Mineral Resources of 24.3 million tonnes
containing 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel
at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz)
palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred
Mineral Resources of 47.2 million tonnes containing 947Mlb copper
at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%,
2.12Moz palladium at 1.4gpt and 0.38Moz platinum at
0.25gpt. The resource model indicates significant
potential for resource expansion along strike and at depth over the
15 km long mineralized belt. (Refer to “Independent Technical
Report, Updated Mineral Resource Estimate, Ferguson Lake Project,
Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and
Francis Minerals Ltd” filed by the Company to Sedar.com on July 13,
2022). In addition, the Company has identified the pegmatites with
lithium potential at the Ferguson Lake project.
Sophy Cesar, Head of Corporate Development
Phone: 905-696-8288 (Canada) 1-888-688-8809
(Toll-Free)
Email: info@cnresources.com
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this news
release, including statements which may contain words such as
“expects”, “anticipates”, “intends”, “plans”, “believes”,
“estimates”, or similar expressions, and statements related to
matters which are not historical facts, are forward-looking
information within the meaning of applicable securities laws. Such
forward-looking statements, which reflect management’s expectations
regarding the Company’s future growth, results of operations,
performance, business prospects and opportunities, are based on
certain factors and assumptions and involve known and unknown risks
and uncertainties which may cause the actual results, performance,
or achievements to be materially different from future results,
performance, or achievements expressed or implied by such
forward-looking statements.
These factors should be considered carefully,
and readers should not place undue reliance on the Company’s
forward-looking statements. The Company believes that the
expectations reflected in the forward-looking statements contained
in this news release and the documents incorporated by reference
herein are reasonable, but no assurance can be given that these
expectations will prove to be correct. In addition, although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. The Company undertakes no
obligation to release publicly any future revisions to
forward-looking statements to reflect events or circumstances after
the date of this news or to reflect the occurrence of unanticipated
events, except as expressly required by law.
Canadian North Resources (TSXV:CNRI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Canadian North Resources (TSXV:CNRI)
Historical Stock Chart
From Aug 2023 to Aug 2024