Canadian North Resources Inc. Reports Exceptional Operational and Financial Results for the Third Quarter Ended September 30, 2023 - Seite 2

“Subsequent to the end of the quarter, the Company has received $1,700,001 from the early exercise of warrants by the shareholder of the Company. “

“In addition, the Company has also received $61,920 from the early exercise of options by our staff and consultants to date.”

Figure 1 Geological map showing the mineralized zones and the mineralized intercepts in selected drill holes completed in the summer drilling program at Ferguson Lake Project.

• The Company engaged in the following activities in Quarter 3:

• On July 5, 2023, the Company announced that KRE Development Co. Ltd ("KRE"), the biggest shareholder of the Company had elected to exercise their warrants ahead of the scheduled expiration of December 31, 2023. KRE exercised 1,437,198 share purchase warrants (each a "Warrant" to purchase one share at $1.50) for aggregate proceeds of $2,155,797 on June 30, 2023. Warrants were issued in connection with the Company's offering of units completed prior to listing.

• On July 18, 2023, the Company reported the assay results for the 6,151 metres in 21 holes of diamond drilling completed during the spring. The assay results confirmed the near-surface mineralization along the east extension (strike length 1.2 km) of West Zone and the west extension (strike length 1.5 km) of East Zone across Ferguson Lake.
  

• On July 27, 2023, the Company announced the closing of non-brokered private placement of common shares (“Flow-Through Shares”) on a flow-through basis pursuant to the Income Tax Act (Canada), of which 1,031,425 Flow-Through Shares were issued at a price of $2.70 per share for gross proceeds of $2,784,847.50 (the “Flow-Through Offering”).
  

• On August 2, 2023, the Company announced, further to its news release issued on July 27, 2023, the closing of the first tranche of its non-brokered private placement of 1,082,621 common shares (“Charity Flow-Through Shares”) on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of $2.877 per share for gross proceeds of $3,114,700.62 (the “Charity Flow-Through Offering”).
  

• On August 9, 2023, 30,000 share options that were issued on April 5, 2022 were exercised. The Company issued 30,000 common shares.
  

• On August 17, 2023, the Company announced that it had received an additional grant of $125,000 from the Government of Nunavut's Discover, Invest, Grow ("DIG") program. This grant comes on the heels of the $250,000 received in May and June 2023, reaffirming the Company's commitment to advancing mineral exploration in the emerging mining region of Nunavut. The Company also announced that it had granted to certain officers options to purchase a total of 110,000 Common Shares of the Company at an exercise price of $2.35 per share. The options will expire on August 18, 2028.