Kenorland Announces Normal Course Issuer Bid
Kenorland Announces Normal Course Issuer
Bid
Vancouver, British Columbia--(Newsfile Corp. - April 3, 2024) -
Kenorland Minerals Ltd.
(TSXV: KLD)
(OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") is pleased to announce that the
TSX Venture Exchange ("
TSXV
") has accepted the Company's notice to implement a normal course
issuer bid (the "
NCIB
"). The NCIB will commence on April 8, 2024 and terminate on the earliest to occur
of (i) April 7, 2025, (ii) the date on which the maximum number of Shares that can be acquired pursuant
to the NCIB have been purchased, or (iii) such earlier date on which the Company provides notice of
termination of the NCIB.
Under the NCIB, Kenorland may purchase up to 3,218,420 common shares of the Company (the
"
Shares
"), which represents approximately 5% of the Shares outstanding as at February 14, 2024. Over
any 30-day period, Kenorland will not purchase more than 1,287,368 Shares in total, which represents
2% of the Shares issued and outstanding as of March 15, 2024.
All purchases of the Shares are to be made through the facilities of the TSXV or alternative Canadian
trading systems, in accordance with its rules and regulations. The price which the Company will pay for
any such Shares will be the prevailing market price at the time of acquisition and all Shares will be
purchased for cancellation. Payment for the Shares will be made from the Company's existing working
capital. The Company has engaged Haywood Securities Inc. to act as its broker for the NCIB.
The actual number of Shares that may be purchased pursuant to the NCIB and the timing of any such
purchases will be determined by the management of the Company.
The Board of Directors believes the underlying value of the Company may not be reflected in the current
market price of its Shares. As a result, depending upon future price movements and other factors, the
Board believes that the Shares may represent an attractive investment to the Company and their
purchase is an appropriate use of the Company's financial resources and in the best interests of the
Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who
continue to hold Shares by increasing their equity interest in the Company if the repurchased Shares are
cancelled.
To the Company's knowledge, none of the directors, senior officers or insiders of the Company, or any
associate of such person, or any associate or affiliate of the Company, has any present intention to sell
any securities to the Company during the course of the NCIB. However, sales by such persons through
the facilities of the TSXV or any other available market or alternative trading system in Canada may
occur if the personal circumstances of any such person change or if any such person makes a decision
unrelated to these normal course purchases. The benefits to any such person whose Shares are
purchased would be the same as the benefits available to all other holders whose Shares are
purchased.
The Company has not previously purchased for cancellation any of its outstanding Shares.
A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company
with the TSXV in respect of the NCIB can be obtained from the Company upon request without charge.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there
be any sale of the Shares in any state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company, with
approximately $23.54 million in working capital as of February 29, 2024, 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 holds a 4% net smelter
return royalty on the Frotet Project in Quebec which is 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
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/204048