- Canadian North Resources (CNRI) reported its financial results for the first quarter ended March 31, 2022
- The company ended the quarter with cash and cash equivalents of $17,517,909
- Planned $11-million exploration programs and retained independent consultants to start the resource estimation at the Ferguson Lake Project
- Canadian North Resources is an exploration and development company
- Canadian North Resources Inc. (CNRI) was up 0.88 per cent, trading at C$2.30 per share as of 2:20 pm ET
Canadian North Resources (CNRI) reported its financial results for the first quarter ended March 31, 2022.
Q1 highlights:
- The company ended the quarter with cash and cash equivalents of $17,517,909
- Opened the field camp at the Ferguson Lake Project and prepared for the winter drilling programs
- Planned $11-million exploration programs and retained independent consultants to start the resource estimation at the Ferguson Lake Project
- On March 31, 2022, the company filed its prospectus with the securities’ regulatory authorities in the Provinces of Ontario, Alberta, British Columbia and New Brunswick to become a reporting issuer and to qualify for distribution of 2,223,698 common shares.
- The prospectus also qualifies for distribution of stock options to directors, executive officer, and consultants.
- On January 20, the company filed the Preliminary Long Form Prospectus with the securities regulatory authorities in the Provinces of Ontario, Alberta, British Columbia and New Brunswick.
- For the quarter ended March 31, 2021, the company reported a net loss of $295,418 or $0.00 per share.
Subsequent events:
- On April 5, 2022, the company’s common shares were listed and admitted to trading on the TSX Venture Exchange. Trading started on April 7, 2022.
- On April 5, 2022, the Company entered into option agreements with its directors and officers to purchase 771,698 common shares, at an exercise price of $1.00 per share. These options expire on April 4, 2027.
- On April 11, 2022, the company commissioned the new resource estimation in accordance with NI 43 – 101 in respect of its Ferguson Lake Property.
- On April 19, 2022, two drill rigs commenced diamond drilling at the Ferguson Lake Property in Nunavut, Canada.
- On May 16, the re-sampling and re-assaying programs confirmed the high-grade nickel copper massive and high-grade palladium and platinum low sulfide mineralization zones in its Ferguson Lake mining property.
- On May 19, the company appointed Dr. Trevor Body as the Vice President for Exploration.
Canadian North Resources is an exploration and development company. It focuses on the metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.
Canadian North Resources Inc. (CNRI) was up 0.88 per cent, trading at C$2.30 per share as of 2:20 pm ET.