Canadian North Resources Receives $2,155,794 from Exercise of Warrants from Major Shareholders
Canadian North Resources Receives $2,155,794 from
Exercise of Warrants from Major Shareholders
Toronto, Ontario, December 14, 2023 – Canadian North Resources Inc. ("the Company," TSXV: CNRI;
OTCQX: CNRSF; FSE: EO0 (E -O-zero)) is pleased to announce that KRE Development Co. Ltd ("KRE"), the
biggest shareholder of the Company has elected to exercise their warrants . KRE is an investment company
registered in Ontario, Canada, owned by two Directors of the Company.
KRE exercised 1,437,19 6 share purchase warrants (each a "Warrant" to purchase one share at $1.50) for
aggregate proceeds of $2,155,794. Warrants were issued in connection with the Company's offering of units
completed prior to listing. The balance of the outstanding warrants are exercisable until December 29, 2023.
The exercise of warrants by the KRE signifies a strong vote of confidence in the company by insiders ,
providing a positive signal to shareholders and reinforcing the company's financial stability and growth
prospects.
About Canadian North Resources
Canadian North Resources Inc. is an exploration and development company focusing on the critical 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 that covers an area of 253.8
km2 of mining leases (96.9 km 2) and surrounding exploration claims (156.9 km 2) in the Kivalliq Region of
Nunavut, Canada.
The Ferguson Lake mining property contains substantial resources in compliance with NI43-101 standards,
which include Indicated Mineral Resources of 24.3 million tonnes containing 455 million pounds (Mlb)
copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium
at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred Mineral Resour ces of 47.2 million tonnes
containing 947Mlb copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%, 2.12Moz
palladium at 1.4gpt and 0.38Moz platinum at 0.25gpt. The resource model indicates significant potential
for resource expansion along strike and at depth over the 15 km long mineralized belt. (Refer to
“Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut,
Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd ” filed by the Company to
Sedar.com on July 13, 2022). In addition, the Company has identified the pegmatites with lithium potential
at the Ferguson Lake project.
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 prospect s 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 the
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 publ icly 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.