Mining & Metals
Canadian North Resources Approves C$2 Million Convertible Note Financing
Canadian North Resources (CNRI.V) said Wednesday it approved C$2 million in financing through Series 1 convertible promissory notes.The notes will carry 10% annual interest and are due by July 31, 2027. Each note can be converted into common shares at C$0.25 per share, for up to 8 million shares in total, the company said.A company director will participate in the financing, making it a related-party transaction under TSX Venture Exchange rules, but the company is relying on an exemption from shareholder approval requirements, according to the statement.The proceeds will be used for working capital, the company added.
$CNRI.V
