Kenorland Minerals (KLD.V) has received the formal notice of exercise of the top-up right held by Sumitomo. Sumitomo has the right to maintain its 10.1% stake in Kenorland pursuant to the investor rights agreement.
This is just a symbolic top-up: Sumitomo will acquire an additional 16,852 shares at C$0.72 per share for a total investment of just over C$12,000 but the symbolism is important here as Sumitomo clearly cares enough about Kenorland to keep its stake in the company unchanged.
Disclosure: The author has a long position in Kenorland Minerals. Kenorland is a sponsor of the website. Please read our disclaimer.
