VANCOUVER, BC, Nov. 23,
2023 /CNW/ - Kainantu Resources Ltd. ("KRL" or
the "Company") (TSXV: KRL) (FSE: 6J0) is pleased to announce
a private placement financing of up to 100,000,000 common shares of
the Company (the "Shares") at a price of C$0.02 per Share for gross proceeds of up to
C$2,000,000 (the
"Offering").
The Shares issued under the Offering will be subject to
restrictions on resale for a period of four months from the date of
issue. The Company may pay a finder's fee in cash and/or share
purchase warrants in connection with the Offering.
The net proceeds of the Offering will be used as follows:
(i) to satisfy a US$500,000 (approximately C$685,000) payment due to Harmony Gold (PNG) Exploration Limited
("Harmony") under the Asset Sale and Royalty Agreement dated
April 6, 2022 with Harmony,
(ii) to carry out exploration work of
approximately US$500,000
(approximately C$685,000) on its
properties in Papua New Guinea,
and (iii) the balance on general administrative
and working capital purposes.
About KRL
KRL is an Asia-Pacific focused
gold mining company with four highly prospective gold-copper
projects, Kili Teke, KRL South, KRL
North and the May River Project. All projects are located in
premier mining regions in PNG. Both KRL North and KRL South show
potential to host high-grade epithermal and porphyry
mineralisation, as seen elsewhere in the high-grade Kainantu Gold
District. The May River project is near the world-renowned Frieda
River Copper-Gold Project, with historical drilling indicating the
potential for significant copper-gold projects. Kili Teke is an advanced development project
with an existing inferred mineral resource. KRL has a highly
experienced board and management team with a proven track record of
working together in the region; and an established in-country
partner.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Disclaimer and Forward-Looking
Information
Statements contained in this release that are not historical
facts are forward-looking statements that involve various risks and
uncertainty affecting the business of KRL. In making the
forward-looking statements, KRL has applied certain assumptions
that are based on information available, including KRL's strategic
plan for the near and mid-term. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. KRL does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
SOURCE Kainantu Resources Ltd.
