- Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) raises $320,479.78 through a private placement.
- Sumitomo and Centerra maintain 10.1% and 9.9% stakes, respectively.
- Shares are under hold until September 10, 2025, due to related party regulations.
Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) has successfully completed a top-up right exercise with Sumitomo Metal Mining Canada Ltd. and Centerra Gold Inc. This strategic move resulted in the issuance of 209,054 common shares at a price of $1.533 per share, generating total proceeds of $320,479.78. The transaction allows Sumitomo and Centerra to sustain their ownership stakes in Kenorland, at 10.1% and 9.9% respectively.
The new shares are subject to a statutory hold period, which will expire on September 10, 2025. As Sumitomo holds more than 10% of Kenorland's shares, the transaction meets the criteria for a "related party transaction" under the regulations of Multilateral Instrument 61-101, which is designed to protect minority security holders in special transactions. However, the transaction was exempt from formal valuation and minority shareholder approval due to the transaction value being less than 25% of Kenorland's market capitalization.
