- Kenorland Minerals Ltd. (OTCQX: KLDCF) has terminated its joint venture with Newmont Corporation for the Healy project in Alaska.
- Sumitomo Metal Mining Canada and Centerra Gold maintained their ownership stakes in Kenorland by exercising top-up rights, issuing 257,737 shares for $408,162.85.
- Healy project claims will lapse as Kenorland shifts focus to higher priority projects.
Kenorland Minerals Ltd. (OTCQX: KLDCF) has formally announced the termination of its joint venture agreement with Newmont Corporation for the Healy Project in Alaska. Despite a 70% vested interest in the project, both companies have decided to cease exploration efforts and will allow the mining claims to expire due to maintenance costs and the strategic decision to prioritize other projects of higher significance.
In a separate development, Sumitomo Metal Mining Canada and Centerra Gold have exercised their top-up rights to maintain their equity positions in Kenorland, with ownership stakes of 10.1% and 9.9% respectively. This exercise of rights resulted in the issuance of 257,737 new common shares, providing Kenorland with a capital injection of $408,162.85. The breakdown of the share issuance included 228,130 shares priced at $1.598 each and an additional 29,607 shares at $1.473 each.
The newly issued shares are subject to a statutory hold period that will expire on October 27, 2025. This strategic move keeps Sumitomo as a significant shareholder, with more than 10% of Kenorland's outstanding shares, positioning it as a related party under Canadian securities laws.
