Canadian North Resources Inc. (TSXV: CNRI | OTCQX: CNRSF | FSE: EO0) has announced that KRE Development Co. Ltd (KRE), the biggest shareholder of the company has elected to exercise their warrants. KRE is an investment company registered in Ontario, Canada, owned by two directors of Canadian North Resources.
KRE exercised over 1.43M share purchase warrants (each a warrant to purchase one share at C$1.50) for aggregate proceeds of above C$2.15M. Warrants were issued in connection with the company’s offering of units completed prior to listing. The balance of the outstanding warrants is exercisable until 29 December 2023.
The exercise of warrants signifies a strong vote of confidence in the company by insiders, providing a positive signal to shareholders and reinforcing the company’s financial stability and growth prospects.
Canadian North Resources is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery, and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project that covers an area of 253.8km2 of mining leases and surrounding exploration claims in the Kivalliq Region of Nunavut, Canada.
The Ferguson Lake mining property contains substantial resources in compliance with NI43-101 standards, which include indicated mineral resources of 24.3Mt containing 455Mlbs Cu at 0.85%, 321Mlb Ni at 0.60%, 37.5Mlbs Co at 0.07%, 1.08Moz Pd at 1.38g/t, and 0.18Moz Pt at 0.23g/t; inferred mineral resources of 47.2Mt containing 947Mlbs Cu at 0.91%, 551.5Mlb Ni at 0.53%, 62.4Mlb Co at 0.06%, 2.12Moz Pd at 1.4g/t and 0.38Moz Pt at 0.25g/t. The resource model indicates significant potential for resource expansion along strike and at depth over the 15km long mineralized belt. In addition, the company has identified the pegmatites with lithium potential at the Ferguson Lake project.
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