Kainantu Resources Announces Share Consolidation and Name Change
Kainantu Resources Announces Share Consolidation and Name Change
Vancouver, B.C. - February 6, 2024 - Kainantu Resources Ltd. (TSX -V: KRL; FSE: 6J0) (“KRL” or the
“Company”), announces that it will complete a consolidation of the issued and outstanding shares of the
Company at a ratio of ten (10) pre-consolidation common shares for one (1) post -consolidation common
share (the “Consolidation”). The Company will also change its name to “South Pacific Metals Corp.” and its
trading symbol will change to “SPMC” (the “Name Change”). The Consolidation and Name Change will take
effect on opening of business on February 9, 2024.
The decision to rebrand the Company comes after careful consideration and strategic planning by
management. In addition, the Co nsolidation will increase KRL’s flexibility and competitiveness in the
market, and to make KRL’s securities more attractive to a wider audience of potential investors .
As a result of the Consolidation, the Company’s currently issued and outstanding 207,302,956 common
shares will be reduced to approximately 20,730,296 common shares. No fractional common shares will be
issued as a result of the Consolidation. Instead, any fractional common shares will be rounded down to the
nearest whole number of common shares. The Company’s new CUSIP number is 83914U104 and its new
ISIN number is CA83914U1049.
In accordance with the Articles of the Company, the Consolidation and Name Change do not require
approval of the shareholders of the Company.
Registered shareholders will receive a letter of transmittal from the Company ’s transfer agent,
Computershare Investor Services Inc. (“Computershare”), with information on how to exchange their old
share certificates representing pre -Consolidation common shares with the new share certificates
representing post -Consolidation common shares. Computershare will forward to each registered
shareholder who has provided the required documents a new share certificate representing the number of
post-Consolidation com mon shares to which the shareholder is entitled. Until surrendered, each share
certificate representing pre -Consolidation common shares of KRL will be deemed for all purposes to
represent the number of whole post-Consolidation common shares to which the holder is entitled as a result
of the Consolidation. The Consolidation and Name Change are subject to final acceptance by the TSX
Venture Exchange.
About Kainantu Resources (KRL)
KRL is an Asia-Pacific focused gold mining company with four highly prospective gold-copper projects, Kili
Teke, KRL South, KRL North and the May River Project. All projects are located in premier mining regions
in PNG. Both KRL North and KRL South show potential to host high -grade epithermal and porphyry
mineralisation, as seen elsewhere in the high -grade Kainantu Gold District. The May River project is near
the world-renowned Frieda River Copper-Gold Project, with historical drilling indicating the potential for
significant copper -gold projects. Kili Teke is an advanced development project with an existing inferred
mineral resource. KRL has a highly experienced board and management team wit h a proven track record
of working together in the region; and an established in-country partner.
Kainantu Resources Ltd.
Adam Clode, Interim Chief Executive Officer (Tel: +65 6920 2020)
Email: [email protected]
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for
the adequacy or accuracy of this release.
Disclaimer and Forward-Looking Information
Statements contained in this release that are not historical facts are forward -looking statements that involve various risks and
uncertainty affecting the business of KRL. In making the forward -looking statements, KRL has applied certain assumptions that a re
based on information available, including KRL’s strategic plan for the near and mid -term. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking information. KRL does not undertake to update
any forward-looking information, except in accordance with applicable securities laws.