Canadian North Resources Inc. Announces Financial Results for the Year Ended
Canadian North Resources Inc. Announces Financial Results for the Year Ended December 31, 2021
Highlights: Raised over $22 Million,
Ended Year with Over $19 Million in Cash,
Strengthened Management Team and Board of Directors,
Completed NI43-101 Technical Report,
Planned $11 million Exploration Programs,
Prepared for 15,000-meter 2022 Drill Program
Toronto, May 2, 2022 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI) is pleased to report
the financial results for the year ended December 31, 2021.
”The Company has achieved a key milestone today,” said Dr. Kaihui Yang, the President & CEO, “We have
accomplished a lot during the past year and have successfully list ed the Company on T SX Venture
Exchange in early April this year; we raised over $22 million for the exploration and development of the
Ferguson Lake nickel, copper, cobalt, palladium and platinum project (“the Ferguson Lake Project”) ; we
completed the sampling programs and the NI43-101 Technical Report for the Ferguson Lake Project, and
we opened the field camp for the repairment and maintenance of the onsite building and heavy
equipment, prepared for the drilling program in 2022.”
“Now the Company is well positioned for the next phase of development. “ Dr. Yang added, “ We have
started a $11 million exploration plan that includes the NI43-101 resource estimates and a 15,000-meter
drilling program at the Ferguson Lake Project (ref. the news releases on April 11 , 19 and 2 5, 2022), to
explore the potential large economic resources of nickel, copper, cobalt, palladium and platinum.”
2021 Highlights:
• The Company ended the year with cash and cash equivalents of $19,025,817.
• The Company also engaged in the following activities in 2021:
• The Company strengthened the team by appointing Michael Weeks as a director and Carmelo
Marrelli as Chief Financial Officer of the Company.
• The Company closed the offering by way of Offering Memorandum of Special Warrants at a price
of $1 per Special Warrant for gross proceeds of $2,223,698.
• The Company raised $19,999,089 from strategic investors through the subscriptions of 26,665,453
Units at a price of $0.75 per Unit. Each Unit consists of one common share and one -half of one
common share purchase war rant of the Company. Each purchase warrant entitles the holder to
acquire one common share of the Company at an exercise price of $1.50 per common share at any
time on or after June 30, 2022 and on or before December 29, 2023.
• The Company opened its the field camp, with the permission from the Nunavut Government and
Manitoba Government. The camp was opened mainly for repair ment and maintenance of the
camp which has not been fully operational since 2012. The team (including technicians, mechanics
and engineers and other professionals) repaired the airstrip and the buildings, purchased and
shipped supplies and materials to the camp, replaced parts for the equipment and vehicles on site,
did maintenance and repairs on all the heavy equipment and vehicles, installed the satellite phone
and internet communication system, repaired the water supply system and the drainages, treated
the waste water, and removed the garbage from the camp by shipping it out to the governmental
designated area in Manitoba. Also, the Company supported the environmental and safety
inspections from the Nunavut Government. The team supported the independent Qualified Person
to complete his most recent visit in order to update the NI43-101 Technical Report. The team also
supported the independent consultants to conduct environmental assessments and take various
samples on the property. The Company also interacted with the governmental agencies and local
communities to renew the licenses, permits and permissions for operation. Finally, the team
ordered and shipped fuel, supplies and materials to support for the winter exploration programs
that has begun to follow up on the recommendation of the NI 43-101 Technical Report.
• The Company received the updated NI43-101 Technical Report for the Ferguson Lake project from
the independent QP, Trevor Boyd.
• On June 16, 2021, the Company filed a Preliminary Prospectus with the securities regulatory
authorities in the Provinces of Ontario, Alberta, British Columbia and New Brunswick.
• On September 13, 2021, the Company filed an Amended and Restated Preliminary Prospectus with
the securities regulatory authorities in the Provinces of Ontario, Alberta, British Columbia and New
Brunswick.
• For the year ended December 31, 2021, the Company reported a net loss of $ 1,449,069 or $0.02 per
share.
Subsequent to Year End, the Company has conducted the following work:
• On April 5, 2022, the Company’s common shares were listed and admitted to trading on the TSX
Venture Exchange and trading started on April 7, 2022.
• On March 31, 2022, the Company successfully completed filing of its Prospectus with the securities’
regulatory authorities in the Provinces of Ontario, Alberta, British Columbia and New Brunswick to
enable the Corporation to become a reporting issuer under such applicable securities legislation
and to qualify for distribution 2,223,698 common shares issuable for no additional consideration
upon the exercise or deemed exe rcise of 2,223,698 special warrants of the Corporation (the
“Special Warrants”) issued at a price of $1.00 per Special Warrant. The Prospectus also qualified
for distribution stock options to be granted to directors, executive officer, and consultants for the
purchase of 771,698 common shares at an exercise price of $1.00 per share, which options must
be granted within 90 days of March 28, 2022.
• In March the Company opened the field camp at the Ferguson Lake Project and moved in the
supplies and fuel to prepare for the winter drilling programs.
• The Company started an $11 million exploration plan that includes the resource estimation, drilling
programs, in -hole geophysics, surface geological mapping and geophysical survey, and
metallurgical tests (ref. the news releases on April 11, 19, and 25, 2022).
• On January 20, the Company filed the Preliminary Long Form Prospectus with the securities
regulatory authorities in the Provinces of Ontario, Alberta, British Columbia and New Brunswick .
For the Year End 2021 financial statements and Management’s Discussion and Analysis, please see the
Company website at www.cnresources.com or on SEDAR.
About Canadian North Resources Inc.
Canadian North Resources Inc. is an exploration and development company focusing on the metals for
the clean-energy, electric vehicles, battery and high -tech industries. The company is advancing its 100%
owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.
Further information please visit the website at www.cnresources.com or contact:
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such
as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and
statements related to matters which are not historica l facts, are forward-looking information within the
meaning of applicable securities laws. Such forward -looking statements, which reflect management’s
expectations regarding the Company’s future growth, results of operations, performance, business
prospects and opportunities, are based on certain factors and assumptions and involve known and
unknown risks and uncertainties which may cause the actual results, performance, or achievements to be
materially different from future results, performance, or achieve ments expressed or implied by such
forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the
Company’s forward -looking statements. The Company believes that the expectations reflected in t he
forward-looking statements contained in this news release and the documents incorporated by reference
herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In
addition, although the Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward looking statements, there
may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
The Company undertakes no obligation to release publicly any future revisions to forward -looking
statements to reflect events or circumstances after the date of this news or to reflect the occurrence of
unanticipated events, except as expressly required by law.