Canada’s North Resources (CNR) recently secured a total of 17.75 million dollars from the early exercising of warrants issued from an investment agreement in 2018. The agreement was initially signed with two existing investors for a total of 40 million dollars. The agreement also allowed the company to sell additional warrants valued at 10 million dollars whenever the company’s stock reached 3.68 dollars.
CNR is an Alberta-based company that is focused on the development and production of oil and natural gas. It has acquired a number of assets in both Northeast British Columbia and Northwest Alberta, and the two investors who have exercised their warrants were two of the key financial backers in the company.
CNR has already completed the partial closing and issuance of the common shares in reliance with the 2018 agreement. This, combined with the proceeds from the exercise of the warrants, will help to further progress their development plan for the Company.
In a statement issued by the company, CNR’s Chief Executive Officer, Alex Taylor, stated that “the funds will provide additional capital to help us realize our objectives and further our strategy of developing new and accessible resource opportunities.” He went on to say, “The strong commitment from our investors is a clear indication of their confidence in the long-term success of the company and we look forward to achieving great success together.”
The The funds obtained from the early exercise of the warrants will allow CNR to further their mission of developing new and cost-effective resource opportunities throughout the region and contribute to their stated goal of delivering value for their shareholders. It is clear the the investments made in 2018 and now realized by CNR will help to foster further success and propel the company forward in the future.