en.Wedoany.com Reported - Kenorland Minerals Ltd. announced that it has completed the issuance of shares to Sumitomo Metal Mining Canada Ltd. (Sumitomo) and Centerra Gold Inc. (Centerra) to fulfill the top-up rights exercised by the two partners to maintain their interests in the company.
Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) announced that, following announcements on June 12, 2026, and May 8, 2026, the company, Sumitomo, and Centerra have completed the exercise of the relevant top-up rights. Pursuant to the Investor Rights Agreement dated November 3, 2021, and May 28, 2024, Sumitomo and Centerra exercised their top-up rights to maintain their respective 10.1% and 9.9% interests in the company.
The transaction involved the issuance of 314,392 common shares at a price of $2.136 per share, for total proceeds of $671,541.31. Of these, 158,768 shares were issued to Sumitomo to maintain its 10.1% interest, and 155,624 shares were issued to Centerra to maintain its 9.9% interest. The issued common shares are subject to a statutory hold period, which is set in accordance with applicable securities legislation and the rules and policies of the TSX Venture Exchange (TSXV), and will expire on October 20, 2026.
As Sumitomo is a beneficial owner of more than 10% of Kenorland's issued shares, it is considered a "related party" of the company under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101). Therefore, the transaction constitutes a "related party transaction" as defined under MI 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair value of the transaction did not exceed 25% of the company's market capitalization.
Kenorland Minerals Ltd. (TSXV: KLD) is a mineral exploration company focused on project generation and early-stage exploration in North America. Its exploration strategy advances greenfield projects through systematic, property-wide phased exploration surveys, primarily funded through exploration partnerships, including option-to-joint-venture agreements. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec, owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the Regnault Gold System, a greenfield gold system discovered by Kenorland in partnership with Sumitomo Metal Mining Canada Ltd. in 2020. The company is headquartered in Vancouver, British Columbia, Canada.
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