14 December 2023
Toronto, Ontario, December 14, 2023 – Canadian North Resources Inc. (“the Company,” TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce 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 the Company.
KRE exercised 1,437,196 share purchase warrants (each a “Warrant” to purchase one share at $1.50) for aggregate proceeds of $2,155,794. Warrants were issued in connection with the Company’s offering of units completed prior to listing. The balance of the outstanding warrants are exercisable until December 29, 2023.
The exercise of warrants by the KRE 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.
About Canadian North Resources
Canadian North Resources Inc. 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 253.8 km2 of mining leases (96.9 km2) and surrounding exploration claims (156.9 km2) 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 24.3 million tonnes containing 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred Mineral Resources of 47.2 million tonnes containing 947Mlb copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%, 2.12Moz palladium at 1.4gpt and 0.38Moz platinum at 0.25gpt. The resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt. (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd ” filed by the Company to Sedar.com on July 13, 2022). In addition, the Company has identified the pegmatites with lithium potential at the Ferguson Lake project.