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Canadian North Resources Inc. Announces Closings of Private Placements

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Canadian North Resources Inc. Announces Closings of Private Placements

 

 

 

 

 

Canadian North Resources Inc. (TSX-V: CNRI) (FSE: EO0) announces the closings of the following non-brokered private placements:

  • the closing of the first tranche of its offering of common shares on a flow-through basis pursuant to the Income Tax Act (Canada), of which 1,363,704 Flow-Through Shares were issued at a price of $2.70 per share for gross proceeds of $3,682,001, which form part of the total proposed offering of up to 1,851,852 Flow-Through Shares for gross proceeds of up to $5,000,000, or such higher amount as may be determined by the directors of the Corporation and accepted by the TSX Venture Exchange;
  • the closing of the issuance of 1,461,100 common shares issued on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of $3.42 per share for gross proceeds of $4,996,962.

 

The gross proceeds of the Flow-Through Offering and the Charity Flow-Through Offering will be used to fund the Corporation’s exploration activities targeting critical minerals on the Corporation’s Ferguson Lake project located in Nunavut, and will also be eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit.

 

Finder’s fees will be paid in cash in an amount equal to 6% of the gross proceeds of the Flow-Through Offering and the Charity Flow-Through Offering.

 

The Flow-Through Shares and the Charity Flow-Through Shares are subject to a statutory four month hold period, which expires April 16, 2023.

 

About Canadian North Resources Inc.

 

Canadian North Resources Inc. is an exploration and development company focusing on the metals for clean-energy, electric vehicles, battery and high-tech industries. The Corporation is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.

Posted December 17, 2022

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