Canadian North Resources Inc. Launches Convertible Promissory Notes Offering

Canadian North Resources Inc. (CNRI), listed on the TSX Venture Exchange, has announced the issuance of Series 1 Convertible Promissory Notes. The offering aims to raise up to an aggregate principal amount of $2 million, with repayment due by July 31, 2027, at an interest rate of 10% per annum.

Each note is convertible into CNRI common shares at $0.25 per share, potentially resulting in 8,000,000 new shares. A director's participation classifies this transaction as a "related party transaction" under TSX policy, requiring minority shareholder approval, which CNRI plans to bypass under specific exemptions.

Proceeds from the offering will bolster CNRI's working capital. The TSX Venture Exchange has not endorsed the release's content.