Kenadyr Metals Closes First Tranche of Subscription Receipt Financing

Company Overview - Kenadyr Metals Corp. is set to be renamed Algo Grande Copper Corp. and is focused on high-grade copper exploration in the Sonora-Arizona Copper Belt, a region known for its productivity comparable to Chile's Andean Belt [6]. - The company is acquiring the Adelita Project, which features the Cerro Grande skarn, a high-grade, near-surface Cu-Au-Ag system located in Sonora, Mexico [7]. Financial Details - The first tranche of a non-brokered private placement has closed, involving 6,034,036 subscription receipts priced at $0.375 each, resulting in gross proceeds of $2,262,763.50 [1]. - Cash finder's fees of $102,865.09 were paid, along with the issuance of 274,307 finder's warrants, each exercisable for an additional common share at the same price of $0.375 [3]. Project and Use of Proceeds - Proceeds from the offering will be held in escrow and, upon release, will be allocated to payment obligations and exploration expenditures related to the Adelita Project, as well as for general working capital [2]. - The Adelita Project has over 7,000 meters of historical drilling and extensive geophysical data, with plans to utilize AI-assisted 3D geophysical modeling to refine drill targets [7]. Regulatory and Approval Status - The offering is subject to the approval of the TSX Venture Exchange (TSXV) [5]. - Each subscription receipt will convert into one common share upon meeting certain escrow release conditions, including the completion of the proposed transaction and TSXV approval [2].