Kenadyr Metals increases financing to $3.8-million

Executive Summary

• Kenadyr Metals Corp. closed the second tranche of its non‑brokered private placement, issuing 1,959,665 subscription receipts at C$0.375 each for gross proceeds of $734,874.38.
• The offering was upsized from a $3 M target to $3.8 M, bringing total aggregate gross proceeds to $3,016,388.13 (including the first tranche).
• Proceeds will be held in escrow until completion of the Adelita project acquisition and TSX‑V approval, then used for exploration, property payments, salaries, consulting fees, marketing, working capital, loan repayments, and other G&A expenses.

Key Details

• Second Tranche: 1,959,665 subscription receipts @ C$0.375 each → $734,874.38 gross proceeds.
• First Tranche (reference): $2,281,513.75 gross proceeds.
• Total Aggregate Gross Proceeds: $3,016,388.13.
• Upsize: Offering size increased from $3 M to $3.8 M.
• Conversion: Each subscription receipt converts into one common share upon satisfaction of escrow release conditions (completion of Adelita acquisition and TSX‑V approval).
• Escrow Use: Funds held in escrow until conditions met; thereafter allocated to:
• Exploration expenditures on the Adelita project.
• Property payments for Adelita.
• Salaries and consulting fees.
• Marketing and investor relations.
• Payment of existing accounts payable and loan repayments.
• General & administrative costs (legal, accounting, audit).
• Finder’s Fees (first tranche): $17,587.50 paid in cash; 46,900 finder’s warrants issued, each exercisable at C$0.375 for one additional share, term ending 24 months after issuance.
• Future Tranche: Company expects to close a third and final tranche “in due course,” subject to TSX‑V approval.

Notable Quotes

(No direct quotes were provided in the release.)