VANCOUVER, BC, April 14,
2023 /CNW/ - Kainantu Resources Ltd. (TSXV: KRL)
(FSE: 6J0) ("KRL" or the "Company"), the Asia-Pacific focussed gold mining company, is
pleased to announce the Company has received approval from the TSX
Ventures Exchange ("TSX-V") for our recent transaction as announced
on April 3, 2023.
As a result, the Company has issued 18,000,000 common shares to
the vendors as compensation for the transaction on April 13, 2023.
This is a significant milestone for our Company, as it
represents a step forward in our strategic growth plans and aligns
with our commitment to creating long-term value for our
shareholders.
As a result of the share issuance, the total number of common
shares on issue has increased to 101,427,956.
Please refer to the following table for an overview of our
updated share capital:
Previous Shares on
Issue:
|
83,427,956
|
Transaction
Consideration:
|
18,000,000
|
New Common Shares
Outstanding:
|
101,427,956
|
About Kainantu
Resources (KRL)
Kainantu Resources ("KRL") is an Asia-Pacific focussed gold mining company with
three highly prospective gold and copper projects, 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
mineralization, 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. KRL recently executed an
agreement to acquire the Kili Teke project in the western highlands
of PNG.
Disclaimer and Forward-Looking Information
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
Disclaimer and Forward-Looking Information Mineralization hosted on
adjacent and/or nearby properties is not necessarily indicative of
mineralization hosted on the Company's property. The data disclosed
in this release relating to drilling results is historical in
nature. Neither the Company nor a qualified person has yet verified
this data and therefore investors should not place undue reliance
on such data, and no representation or warranty, express or
implied, is made by the Company, its affiliated companies, or any
other person as to its fairness, accuracy, completeness, or
correctness. 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: formulation of plans for drill
testing; and the success related to any future exploration or
development programs. 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.