Canadian North Resources Secures $1,775,001 From Early Exercise of Warrants
Canadian North Resources Inc., a publicly traded Canadian resource exploration company, has announced that it has secured $1,775,001 from the early exercise of warrants.
The warrants were issued in September 2020 as part of a private placement financing that raised gross proceeds of $3.75 million and comprised of 15.75 million flow-through common shares and 5.5 million flow-through warrants. The warrants were exercisable at $0.27 per share until September 30, 2021.
Under the terms of the early exercise of the warrants, Canadian North Resources has issued a total of 6.52 million shares for $1,775,001. The funds will be used to finance the company’s ongoing exploration and development activities at its Ontario and British Columbia properties.
Canadian North Resources is a mineral exploration and development company with a focus on the acquisition and exploration of mineral properties in Canada, particularly northern Ontario and British Columbia. The company’s current properties include the Turtle Head Gold Mine Project, the Murklee Iron Project, and the recently acquired Silicon Ridge Iron Project.
The Turtle Head Gold Mine Project is the company’s flagship asset, located in the Beardmore-Geraldton greenstone belt of northern Ontario. The Murklee Iron Project is located near Marathon, Ontario and holds a potential resource estimated at 224 million tons of iron ore. Finally, the Silicon Ridge Iron Project is located east of Terrace, British Columbia and is considered a high-grade iron exploration project.
Canadian North Resources plans to use the proceeds of the early warrant exercise to further its exploration and development activities on its Canadian properties. The company has solid technical and management teams in place and is well positioned to continue to unlock value from its assets through thoughtful exploration and responsible resource development.