Kenorland Closes Atlantic Project Acquisition and Receives Notice of Exercise of Top-Up Right from Sumitomo and Centerra
Kenorland Closes Atlantic Project Acquisition
and Receives Notice of Exercise of Top-Up
Right from Sumitomo and Centerra
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2025) -
Kenorland Minerals Ltd.
(TSXV:
KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") is pleased to announce that it
has completed the acquisition of a 100% interest in 31,052 hectares of mineral claims contiguous to the
Atlantic Project (the "
Project
") in New Brunswick. The acquisition was completed pursuant to a
purchase and sale agreement dated May 26, 2025 with a private British Columbia company, under
which Kenorland has issued 118,425 common shares of the Company (the "
Shares
") at a deemed
price of $1.473 per Share and granted a 0.5% net smelter return royalty on the claims forming the
Project. The Shares issuable in the private placement are subject to a statutory hold period in
accordance with applicable securities legislation and the rules and policies of the TSXV expiring on
October 11, 2025.
About the Atlantic Project
The 150,831-hectare Atlantic Project is situated within the northern Appalachian orogen of western New
Brunswick, covering a highly prospective segment of the Gander and Dunnage zones-recognized for
hosting a variety of gold and polymetallic deposits. The project area encompasses a diverse
assemblage of Silurian to Devonian volcanic, volcaniclastic, and sedimentary rocks intruded by felsic to
mafic plutons. This setting is prospective for epithermal, VHMS and intrusion related mineralisation
styles hosting significant Au, Ag, Pb, Zn, and Cu. Key mineralised showings in the project area include
the Williams Brook epithermal, Costigan Mountain epithermal, Sewell Brook VHMS, and Lewis Brook
epithermal deposits. These occur within favorable structural corridors and lithologic contacts of the
Tobique-Chaleur metallogenic belt, an emerging and active exploration district. The Atlantic Project area
has seen limited historical work, presenting a unique opportunity for discovery through modern,
systematic exploration approaches.
Notice of Exercise of Top-up Right
Kenorland also announces that, further to the investor rights agreement dated November 5, 2021 (the
"
Sumitomo IRA
") between the Company and Sumitomo Metal Mining Canada Ltd. ("
Sumitomo
") and
the investor rights agreement dated May 28, 2024 (the "
Centerra IRA
") between the Company and
Centerra Gold Inc. ("
Centerra
"), each of Sumitomo and Centerra have issued to the Company notice of
their respective intentions to exercise their 'top-up right' as it relates to certain share issuances
completed by the Company, including the issuance of the Shares for the Project, and to retain their
interests in the Company.
An aggregate of 257,737 Shares will be issued for aggregate consideration of $408,162.85
representing 228,130 Shares at a price of $1.598 per share and 29,607 Shares at a price of $1.473 per
share in accordance with the Sumitomo IRA and Centerra IRA, subject to the approval of the TSX
Venture Exchange, of which 130,157 Shares will be issued to Sumitomo in order to retain its 10.1%
interest in the Company and 127,580 Shares will be issued to Centerra in order to retain its 9.9%
interest in the Company. A copy of each the Sumitomo IRA and the Centerra IRA, as well as a three-way
acknowledgement agreement between the Company, Sumitomo and Centerra governing procedural
matters relative to the exercise of equity participation rights under the Sumitomo IRA and Centerra IRA is
available on the Company's SEDAR+ profile.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project
generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance
greenfields projects through systematic, property-wide, phased exploration surveys financed primarily
through exploration partnerships including option to joint venture agreements. Kenorland has agreed to
exchange a 20% participating interest for a 4% net smelter return royalty on the Frotet Project in Quebec
which will then be 100% owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the
Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada
Ltd. in 2020. Kenorland is based in Vancouver, British Columbia, Canada.
Further information can be found on the Company's website
www.kenorlandminerals.com
.
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Corporate Development and Investor Relations Manager
Tel +1 604 568 6005
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together,
"forward-looking statements") within the meaning of applicable securities laws. All statements, other
than statements of historical facts, are forward-looking statements. Generally, forward-looking
statements can be identified by the use of terminology such as "plans", "expects", "estimates",
"intends", "anticipates", "believes" or variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-
looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause
actual results, performance, prospects and opportunities to differ materially from those expressed or
implied by such forward-looking statements. Although the Company believes that the assumptions
and factors used in preparing these forward-looking statements are reasonable based upon the
information currently available to management as of the date hereof, actual results and developments
may differ materially from those contemplated by these statements. Readers are therefore cautioned
not to place undue reliance on these statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed times frames or at all.
Except where required by applicable law, the Company disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/255454