Kainantu Resources Extends Closing ON Private Placement of Senior Convertible Debenture
KAINANTU RESOURCES EXTENDS CLOSING
ON PRIVATE PLACEMENT OF SENIOR
CONVERTIBLE DEBENTURE
VANCOUVER, BC
,
June 12, 2023
/CNW/ - Kainantu Resources Ltd. (TSXV: KRL) (FSE: 6J0)
("KRL" or the "Company"), the
Asia-Pacific
focussed gold mining company is extending the
previously announced private placement (the "Private Placement") of senior convertible debentures
(the "Debentures") to close on June, 16, 2023. The Private Placement which was originally
announced on
May 30, 2023
.
The Debentures, which will be issued pursuant to the Private Placement, will have a conversion price
of
C$0.08
per common share of the Company (the "Conversion Price"), provided that if the
Company does not complete a consolidation of its outstanding common shares (the
"
Consolidation
") that would result in a conversion price of at least
$0.10
on a post-consolidation
basis is not completed prior to the date that is 12 months from the date hereof, the Conversion Price
shall thereafter be
$0.10
.
Closing of the Private Placement and the Consolidation remain subject to approval from the TSX
Venture Exchange.
For more information about participation in the Private Placement or any other investor inquiries,
please contact the Company or our Corporate Advisor – Jemini Capital, on the details set out
below.
About Kainantu Resources (KRL)
Kainantu Resources 'KRL' is an
Asia-Pacific
focused gold mining company with four highly
prospective gold-copper projects, the Kili Teke Project, 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
in close proximity to the world-renowned Frieda River Copper-Gold Project, with historical drilling
indicating the potential for significant copper-gold projects. KRL has a highly experienced board and
management team with a proven track record of working together in the region; and an established
in-country partner.
Disclaimer and Forward-Looking Information
This release contains forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and assumptions. Such forward-
looking statements reflect management's current beliefs and are based on assumptions made by
and information currently available to the Company. All statements, other than statements of
historical fact, are forward-looking statements or information. Forward-looking statements or
information in this news release relate to, among other things: the expected closing of the Private
Placement and completion of the Consolidation. These forward-looking statements and information
reflect the Company's current views with respect to future events and are necessarily based upon a
number of assumptions that, while considered reasonable by the Company, are inherently subject
to significant operational, business, economic and regulatory uncertainties and contingencies.
These assumptions include; success of the Company's projects; prices for gold remaining as
estimated; currency exchange rates remaining as estimated; availability of funds for the
Company's projects; capital, decommissioning and reclamation estimates; prices for energy inputs,
labour, materials, supplies and services (including transportation); no labour-related disruptions;
no unplanned delays or interruptions in scheduled construction and production; all necessary
permits, licenses and regulatory approvals are received in a timely manner; and the ability to
comply with environmental, health and safety laws. The foregoing list of assumptions is not
exhaustive. The Company cautions the reader that forward-looking statements and information
involve known and unknown risks, uncertainties and other factors that may cause actual results
and developments to differ materially from those expressed or implied by such forward-looking
statements or information contained in this news release and the Company has made assumptions
and estimates based on or related to many of these factors. Such factors include, without
limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in currency markets (such as the
Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business
of mineral exploration; inadequate insurance, or inability to obtain insurance, to cover these risks
and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a
timely manner; changes in laws, regulations and government practices, including environmental,
export and import laws and regulations; legal restrictions relating to mineral exploration; increased
competition in the mining industry for equipment and qualified personnel; the availability of
additional capital; title matters and the additional risks identified in our filings with Canadian
securities regulators on SEDAR in
Canada
(available at
www.sedar.com
). Although the Company
has attempted to identify important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated, estimated, described, or intended.
Investors are cautioned against undue reliance on forward-looking statements or information.
These forward-looking statements are made as of the date hereof and, except as required under
applicable securities legislation, the Company does not assume any obligation to update or revise
them to reflect new events or circumstances.
SOURCE
Kainantu Resources Ltd.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/June2023/12/c6766.html
%SEDAR: 00046178E
For further information:
Kainantu Resources: Matthew Salthouse, Chief Executive Officer (Tel: +
65 8318 8125); Callum Jones, Corporate Development Associate (Tel: + 61 450 969 697), Email:
[email protected]; Corporate Advisor (Jemini Capital): Kevin Shum, Tel: +1 212 219 4670 (702),
Email: [email protected]
CO: Kainantu Resources Ltd.
CNW 04:42e 12-JUN-23