/NOT FOR DISTRIBUTION TO
The Offering was originally announced on
Under the second and final tranche of the Offering, the Company has issued an aggregate of 6,118,667 units of the Company (each, a "Unit") at a price of
Under the private placement, the Company has now issued a total of 15,387,492 Units for aggregate gross proceeds of
"The oversubscribed financing is a testament to the operational progress and value accretive acquisitions KRL has executed in its first year of listing.
With the proceeds of the financing, KRL will continue to drive exploration activities at KRL North and KRL South; where the Company remains on track to delineate drilling targets at the East Avanionfi and
KRL is well positioned to generate strong shareholder returns in 2022 given ongoing insider commitment, strong board and management and local
Use of Proceeds
The net proceeds from the Offering are intended to be used, but are not limited to, exploration programmes at KRL North and KRL South leading to delineation of drilling targets, sampling and technical reports for the
Finder's Fees
In connection with the Offering, the Company previously announced it may pay cash finder's fees equal to 6% of the gross proceeds raised from purchasers introduced by such finders, and the issuance of non-transferable compensation warrants ("Compensation Warrants") equal to 6% of the number of Units purchased by purchasers introduced by such finders. Each such Compensation Warrant is exercisable for one Common Share at an exercise price of
The Company paid the following finder's fees and issued the following Compensation Warrants to such finders under the second and final tranche of the Offering:
Cash Finder's Fees | Compensation Warrants | |
36,000 | ||
140,700 | ||
4Front | 39,000 | |
111,420 | ||
TOTAL | 327,120 |
All securities issued pursuant to the Offering, including Common Shares issuable upon the exercise of Warrants or Compensation Warrants, are and will be subject to a hold period of four months and one day after the date of closing of the relevant tranche of the Offering.
Multilateral Instrument 61-101 – Related Party Transaction
About
KRL is an
Both of KRL's projects show potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the district. KRL has a highly experienced board and management team, with a proven track record of working together in the region; and an established in-country partner in
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer and Forward-Looking Information
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property. Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of KRL. In making the forward-looking statements, KRL has applied certain assumptions that are based on information available, including KRL's strategic plan for the near and mid-term. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. KRL does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Certain of the statements made and information provided in this press release are forward-looking information within the meaning of applicable Canadian securities laws. Often, these forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "continue", "projected", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information contained in this release include, but are not limited to, statements or information with respect to: the Offering, the Company's ability to close the Offering and the use of proceeds from the Offering.
Forward-looking information by its nature is based on assumptions and involves known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
We have made certain assumptions about the forward-looking information. Even though our management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: global outbreaks of infectious diseases, including COVID-19; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; commodity price volatility; information technology systems risks; continued softening of the global market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled "Forward-Looking Information" and "Risk Factors" in the Company's Filing Statement dated
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change
SOURCE
© Canada Newswire, source