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Kenorland Minerals Receives Notice of Exercise of Top-Up Right From Sumitomo and Centerra

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Kenorland Minerals (KLD.V) received notices from both Sumitomo Metal Mining Canada and Centerra Gold (CG.TO, CGAU) on their respective intentions to exercise their 'top-up right' as it relates to certain share issuances completed by the company and to retain their interests in the company, it said on Friday.

An aggregate of 314,392 common shares of the company will be issued at $2.136 apiece for $671,541.31 in accordance with the Sumitomo investor rights agreement (IRA) and Centerra IRA, subject to the approval of the TSX Venture Exchange, of which 158,768 common shares will be issued to Sumitomo in order to retain its 10.1% interest in the company and 155,624 common shares will be issued to Centerra in order to retain its 9.9% interest in the company, it said.

Shares of the company closed unchanged at $0.335 on Thursday on the TSX Venture Exchange.

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