While most junior exploration companies are currently struggling to raise cash, Kenorland Minerals (KLD.V) announced and closed a sizeable private placement within a matter of days. On September 9th, Kenorland announced its plans to raise C$6.3M by issuing 9 million shares at C$0.70 per share. Not only is it a very strong move to raise funds without having to attach even just half a warrant, Kenorland was actually able to upsize the placement to a total of C$7.49M by issuing a total of 10.7 million shares. Sumitomo elected to maintain its 10.1% interest in the company and subscribed for almost 1.1 million new shares by investing almost C$800,000.


Disclosure: The author has a long position in Kenorland Minerals. Kenorland is a sponsor of the website. Please read our disclaimer.

Leave a comment