Kenadyr closes first tranche of placement

Executive Summary

• Kenadyr Metals Corp. has closed the first tranche of a non-brokered private placement of subscription receipts, raising approximately $2.26 million in gross proceeds.
• The financing is tied to the company's proposed reactivation on the TSX Venture Exchange and the acquisition of the Adelita project.
• Proceeds are held in escrow until TSX Venture Exchange approval is obtained, after which they will fund exploration and working capital.

Key Details

• Transaction Structure: Non-brokered private placement of subscription receipts.
• Quantity: 6,034,036 subscription receipts.
• Price: 37.5 cents per subscription receipt.
• Gross Proceeds: $2,262,763.50.
• Conversion Terms: Each subscription receipt converts into one common share of Kenadyr, subject to escrow release conditions (completion of proposed transaction and TSX Venture Exchange approval).
• Use of Proceeds: Held in escrow pending approval; to be used for payment obligations, exploration expenditures related to the Adelita project, and general working capital.
• Finder’s Fees: Cash fees of $102,865.09 paid to eligible finders.
• Finder’s Warrants: 274,307 warrants issued to finders, exercisable at $0.375 per share for a term of 24 months.
• Regulatory Status: Offering remains subject to TSX Venture Exchange approval.
• Context: The financing supports the proposed reactivation on the TSX Venture Exchange and the acquisition of the Adelita project (anchored by the Cerro Grande skarn).

Notable Quotes

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