(Listed on the TSX Venture Exchange - Stock Symbol "CNRI")
TORONTO, ON / ACCESS Newswire / August 26, 2026 / Canadian North Resources Inc. (the "Corporation" or "CNRI") announces that it has authorized and approved the issuance of a series of promissory notes designated as Series 1 Convertible Promissory Notes (each a "Note") for up to an aggregate principal amount of $2,000,000 to be repaid by the Corporation, together with interest at the rate of 10% per annum by July 31, 2027 (the "Financing"). The principal amount of each Note is convertible by the holders into Common Shares of the Corporation at a conversion price of $0.25 per Common Share, for an aggregate of up to 8,000,000 Common Shares of the Corporation.
In that a director of the Corporation will be participating in the private placement, the private placement is a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 which has adopted Multilateral Instrument 61-101 ("MI 61-101"), which in turn requires the Corporation to obtain "minority approval" of the Corporation's shareholders of the related party transaction unless there is an exemption from such requirement. The Corporation is relying on the exemption in Section 5.7(1)(a) of MI-61-101 on the basis that the fair market value of the securities to be distributed to the related party will be less than 25% of the market capitalization of the Corporation.
The proceeds of the Financing will be applied to working capital of the Corporation.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Kaihui Yang
President and Chief Executive Officer
Telephone: 905-565-5968 ext 260
Email: kyang@cnresources.com
SOURCE: Canadian North Resources Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/announces-private-placement-of-convertible-promissory-notes-1212872
