VANCOUVER, BC, June 12,
2023 /CNW/ - Kainantu Resources Ltd. (TSXV: KRL)
(FSE: 6J0) ("KRL" or the "Company"), the Asia-Pacific focussed gold mining company is
extending the previously announced private placement (the "Private
Placement") of senior convertible debentures (the "Debentures") to
close on June, 16, 2023. The Private Placement which was originally
announced on May 30, 2023.
The Debentures, which will be issued pursuant to the Private
Placement, will have a conversion price of C$0.08 per common share of the Company (the
"Conversion Price"), provided that if the Company does not complete
a consolidation of its outstanding common shares (the
"Consolidation") that would result in a conversion price of
at least $0.10 on a
post-consolidation basis is not completed prior to the date that is
12 months from the date hereof, the Conversion Price shall
thereafter be $0.10.
Closing of the Private Placement and the Consolidation remain
subject to approval from the TSX Venture Exchange.
For more information about participation in the Private
Placement or any other investor inquiries, please contact the
Company or our Corporate Advisor – Jemini Capital, on the details
set out below.
About Kainantu
Resources (KRL)
Kainantu Resources 'KRL' is an Asia-Pacific focused gold mining company with
four highly prospective gold-copper projects, the Kili Teke
Project, KRL South, KRL North and the May River Project. All
projects are located in premier mining regions in PNG.
Both KRL North and KRL South show potential to host high-grade
epithermal and porphyry mineralisation, as seen elsewhere in the
high-grade Kainantu Gold District. The May River project is in
close proximity to the world-renowned Frieda River Copper-Gold
Project, with historical drilling indicating the potential for
significant copper-gold projects. KRL has a highly experienced
board and management team with a proven track record of working
together in the region; and an established in-country partner.
Disclaimer and Forward-Looking Information
This release contains forward-looking statements, which
relate to future events or future performance and reflect
management's current expectations and assumptions. Such
forward-looking statements reflect management's current beliefs and
are based on assumptions made by and information currently
available to the Company. All statements, other than statements of
historical fact, are forward-looking statements or information.
Forward-looking statements or information in this news release
relate to, among other things: the expected closing of the Private
Placement and completion of the Consolidation. These
forward-looking statements and information reflect the Company's
current views with respect to future events and are necessarily
based upon a number of assumptions that, while considered
reasonable by the Company, are inherently subject to significant
operational, business, economic and regulatory uncertainties and
contingencies. These assumptions include; success of the Company's
projects; prices for gold remaining as estimated; currency exchange
rates remaining as estimated; availability of funds for the
Company's projects; capital, decommissioning and reclamation
estimates; prices for energy inputs, labour, materials, supplies
and services (including transportation); no labour-related
disruptions; no unplanned delays or interruptions in scheduled
construction and production; all necessary permits, licenses and
regulatory approvals are received in a timely manner; and the
ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive. The Company
cautions the reader that forward-looking statements and information
involve known and unknown risks, uncertainties and other factors
that may cause actual results and developments to differ materially
from those expressed or implied by such forward-looking statements
or information contained in this news release and the Company has
made assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: fluctuations in
gold prices; fluctuations in prices for energy inputs, labour,
materials, supplies and services (including transportation);
fluctuations in currency markets (such as the Canadian dollar
versus the U.S. dollar); operational risks and hazards inherent
with the business of mineral exploration; inadequate insurance, or
inability to obtain insurance, to cover these risks and hazards;
our ability to obtain all necessary permits, licenses and
regulatory approvals in a timely manner; changes in laws,
regulations and government practices, including environmental,
export and import laws and regulations; legal restrictions relating
to mineral exploration; increased competition in the mining
industry for equipment and qualified personnel; the availability of
additional capital; title matters and the additional risks
identified in our filings with Canadian securities regulators on
SEDAR in Canada (available
at www.sedar.com). Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated, described, or intended.
Investors are cautioned against undue reliance on forward-looking
statements or information. These forward-looking statements are
made as of the date hereof and, except as required under applicable
securities legislation, the Company does not assume any obligation
to update or revise them to reflect new events or
circumstances.
SOURCE Kainantu Resources Ltd.