Kenorland Minerals (TSX-V:KLD) will issue 314,392 common shares to Sumitomo Metal Mining Canada and Centerra Gold (TSX:CG) following the exercise of top-up rights.
The share issuance follows investor rights agreements between the Vancouver-based explorer and its strategic partners.
Sumitomo will acquire 158,768 shares to maintain its 10.1% interest, while Centerra will purchase 155,624 shares to retain its 9.9% stake. Both investors will pay C$2.136 per share for aggregate consideration of C$671,541 ($679,193.8), with issuance requiring TSX-V approval.
The top-up rights stem from investor rights agreements signed with Sumitomo in November 2021 and Centerra in May 2024.
The agreements allow both companies to maintain their respective ownership percentages following certain share issuances by Kenorland.
Kenorland Minerals is focused on project generation and early-stage exploration across North America through systematic exploration surveys financed via partnerships and option-to-joint-venture agreements.
The company has a 4% net smelter return royalty on Québec’s Frotet project, owned by Sumitomo Metal Mining Canada, which hosts the Regnault gold system discovered by Kenorland and Sumitomo in 2020.
Write to JC Villarba at Mining.com.au
Images: Kenorland Minerals
