Canadian North Resources Inc. (TSXV: CNRI | OTCQX: CNRSF) has closed both its non-brokered private placement of 1,031,425 flow-through shares at a price of C$2.70 each for C$2,784,847.50 and its non-brokered private placement of 1,832,621 charity flow-through shares at C$2.877 each for proceeds of up to C$5,272,450.62
Finder’s fees in relation to the offerings have been paid in cash in an amount equal to 6% of the gross proceeds of each offering.
The charity flow-through shares issued pursuant to its final closing are subject to a statutory four month hold period and expires 14 January 2024.
The gross proceeds will be used to fund the corporation’s exploration activities targeting critical minerals on its wholly-owned Ferguson Lake project in Nunavut, Canada and will also be eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit.
Canadian North Resources Inc. is an exploration and development company focusing on critical metals for clean-energy, electric vehicles, battery, and high-tech industries. Ferguson lake is a nickel, copper, cobalt, palladium, and platinum project.
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