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    KRL   CA48301H1073

KAINANTU RESOURCES LTD.

(KRL)
Delayed Bourse de Toronto  -  03:17 2022-08-12 pm EDT
0.1550 CAD   +10.71%
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Kainantu Resources Announces $1.5 Million Private Placement Financing to Advance Krl North south

12/02/2021 | 09:04am EDT

Vancouver - Kainantu Resources Ltd. (TSX-V: KRL; FSE: 6J0) ('KRL' or the 'Company'), the Asia-Pacific focused gold mining company, is pleased to announce a financing to raise up to C$1.5 million (the 'Offering').

Specifically, KRL announces a non-brokered private placement (the 'Offering') for up to 8,333,333 units of the Company (each, a 'Unit') at a price of C$0.18 per Unit for aggregate gross proceeds of up to C$1,500,000.

Each Unit will be comprised of one common share of the Company (each, a 'Common Share') and one common share purchase warrant (each, a 'Warrant'), with each Warrant being exercisable for one Common Share at an exercise price of C$0.36 per Common Share at any time up to 36 months following the closing date of the Offering.

Matthew Salthouse, CEO of KRL, commented: 'After a successful first year of listing, KRL is venturing into 2022 with several significant catalysts to pursue at KRL North, KRL South and the May River Project. Additional strategic discussions on new projects will also continue, which will drive growth and KRL as a value proposition for investors, as a new dynamic junior miner in the Asia-Pacific region.

The Company also remains focused on its projects in Kainantu and the ongoing trends emerging for high-grade gold prospectivity, especially at the East Avaninofi Prospect and at KRL North; with funds raised in the placement to be directly applied to these programmes to accelerate progress towards clearly defined drilling targets near term.'

Use of Proceeds

The net proceeds from the Offering are intended to be used, but are not limited to, exploration programmes at KRL North and KRL South leading to delineation of drilling targets, sampling and technical reports for the May River Project, and general working capital purposes.

About KRL

KRL is an Asia-Pacific focused gold mining company with two highly prospective gold projects, KRL South and KRL North, in a premier mining region, the high-grade Kainantu Gold District of PNG. Both of KRL's projects show potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the district. 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.

Contact:

Callum Jones

Tel: + 61 450 969 697

Email: info@krl.com.sg

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.

Certain of the statements made and information provided in this press release are forward-looking information within the meaning of applicable Canadian securities laws. Often, these forward-looking information can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'continue', 'projected', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.

Forward-looking information contained in this release include, but are not limited to, statements or information with respect to: the Offering, the Company's ability to close the Offering and the use of proceeds from the Offering.

Forward-looking information by its nature is based on assumptions and involves known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

We have made certain assumptions about the forward-looking information. Even though our management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: global outbreaks of infectious diseases, including COVID-19; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; commodity price volatility; information technology systems risks; continued softening of the global market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled 'Forward-Looking Information' and 'Risk Factors' in the Company's Filing Statement dated October 28, 2020. The reader is directed to carefully review the detailed risk discussion in our Listing Statement filed on SEDAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials ()
Sales 2021 - - -
Net income 2021 -1,64 M - -
Net cash 2021 0,80 M - -
P/E ratio 2021 -4,67x
Yield 2021 -
Capitalization 9,36 M 7,32 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 55,0%
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Managers and Directors
Matthew Salthouse Chief Executive Officer & Director
Bart Lendrum Chief Financial Officer
Marcus David Engelbrecht Chairman
Graeme Duncan Chief Operating Officer
Geoffrey Allan Lawrence Director
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