By Ketki Saxena
Investing.com -- Canadian North Resources Inc (TSXV:CNRI)announced on Thursday, July 27, 2023, the closing of a non-brokered private placement of common shares, known as Flow-Through Shares. The company issued 1,031,425 Flow-Through Shares at a price of $2.70 per share, garnering gross proceeds of approximately $2.78 million.
The Flow-Through Shares are subject to a statutory four-month hold period expiring on November 27, 2023. In addition to this offering, the corporation disclosed it is moving forward with another non-brokered private placement of up to 1,832,621 common shares, termed Charity Flow-Through Shares. These shares are priced at $2.877 each and could potentially generate up to roughly $5.27 million in gross proceeds.
The funds raised from both the Flow-Through Offering and the Charity Flow-Through Offering will be channeled towards the corporation's exploration activities. The focus is on critical minerals at the Ferguson Lake project located in Nunavut.
These funds also qualify for the recently announced federal 30% Critical Metals Exploration Tax Credit.
Canadian North Resources Inc., an exploration and development company, concentrates on metals crucial for clean-energy, electric vehicles, battery and high-tech industries. The corporation is progressing its wholly-owned Ferguson Lake project in Nunavut, Canada which is rich in nickel, copper, cobalt, palladium, and platinum.