Kenorland Completes Top-Up Right from Sumitomo and Centerra
Kenorland Completes Top-Up Right from
Sumitomo and Centerra
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2026) -
Kenorland Minerals Ltd.
(TSXV: KLD)
(OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") announces that, further to its press
releases dated April 20, 2026 and May 8, 2026, the Company, Sumitomo Metal Mining Canada Ltd.
("
Sumitomo
") and Centerra Gold Inc. ("
Centerra
"), have completed the exercise of Sumitomo's and
Centerra's 'top-up right' to retain their 10.1% and 9.9% interest in the Company, respectively, as granted
within the investor rights agreements dated November 3, 2021 and May 28, 2024.
An aggregate of 49,002 shares were issued, of which 22,406 shares were issued at a price of $2.38 per
share and 26,596 shares were issued at a price of $2.35 per share for aggregate gross proceeds of
$115,826.88. 24,746 shares were issued to Sumitomo in order to retain its 10.1% interest in the
Company and 24,256 shares were issued to Centerra in order to retain its 9.9% interest in the
Company. The common shares issued are subject to a statutory hold period in accordance with
applicable securities legislation and the rules and policies of the TSXV expiring on September 20, 2026.
As Sumitomo is the beneficial owner of more than 10% of Kenorland's outstanding shares, it is a
"related party" to the Company within the meaning of Multilateral Instrument 61-101- Protection of
Minority Security Holders in Special Transactions ("
MI 61-101
"). As such, the transaction constituted a
"related party transaction" within the meaning of MI 61-101.
The Company has relied upon on exemptions from formal valuation and the minority shareholder
approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair
market value of either transaction does not constitute more than the 25% of the Company's market
capitalization.
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 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
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/298654