CNRI.V · 2023-09-01 12:00:00

Canadian North Resources Inc. Announces Proposed Closing Date of Its Private Placement

Financings

NEWS RELEASE

CANADIAN NORTH RESOURCES INC. ANNOUNCES PROPOSED CLOSING DATE

OF ITS PRIVATE PLACEMENT

Toronto, Ontario, September 1, 2023: Canadian North Resources Inc. (the “Corporation”) (TSX-

V: CNRI; OTCQX: CNRSF; FSE: (E-0-0)) announces further to its News Releases of July 27,

2023 and August 2, 2023 that closing of the second tranche of the private placement of common

shares issuable on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of $2.877

per share (the “Charity Flow-Through Offering”) has been extended for not later than Wednesday,

September 13, 2023.

Finder’s fees in relation to the Charity Flow-Through Offering will be paid in cash in an amount

equal to 6% of the gross proceeds of the Charity Flow-Through Offering.

The gross proceeds of the Charity Flow-Through Offering will be used to fund the Corporation’s

exploration activities targeting critical minerals on the Corporation’s Ferguson Lake project

located in Nunavut, and will also be eligible for the recently announced federal 30% Critical Metals

Exploration Tax Credit.

About Canadian North Resources Inc.

Canadian North Resources Inc. is an exploration and development company focusi ng on the

critical metals for cle an-energy, electric vehicles, battery and high -tech industries. The

Corporation is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and

platinum project in Nunavut, Canada.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information.

This forward-looking information relates to future events or the Corporation’s future performance.

In particular, this document contains forward -looking information and statements regardin g the

use of proceeds of the Charity Flow-Through Offering. All statements other than statements of

historical fact may be forward-looking information. This forward-looking information is subject

to certain risks and uncertainties and may be based on assumptions that could cause actual results

to differ materially from those anticipated or implied in the forward -looking information. These

assumptions include that, in respect of the use of proceeds, historical costs and expenses will be

representative of future costs and expenses. The Corporation’s actual results, performance or

achievement could differ materially from those expressed in, or implied by, such forward-looking

information, and accordingly, no assurances can be given that any of the events anticipated by the

forward-looking information will transpire or occur or, if any of them do, what benefits that the

Corporation will derive from them. The Corporation’s forward -looking information is expressly

qualified in its entirety by this cautionar y statement. Except as required by law, the Corporation

undertakes no obligation to publicly update or revise any forward-looking information.

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.

For further information contact:

Dr. Kaihui Yang, President and CEO

Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)