Franco-Nevada acquires 12.42% stake in Kenorland Minerals for $22.2M

Franco-Nevada Corporation (TSX: FNV, NYSE: FNV) has acquired 10,000,000 common shares of Kenorland Minerals Ltd. (TSXV: KLD, OTCQX: KLDCF) at $2.22 per share, for a total of $22.2 million, representing approximately 12.42% of Kenorland's outstanding common shares.

The shares were purchased through private agreements from two sellers: John Tognetti, who sold 7,950,000 shares, and Kenorland President and CEO Zach Flood, who sold 2,050,000 shares. Prior to the transaction, Franco-Nevada held no shares in Kenorland.

As a result of the transaction, Tognetti's aggregate holdings fell from approximately 13.80% to 3.93% of outstanding common shares, and he has ceased to be an insider of Kenorland. Flood continues to hold 3,422,888 common shares following the transaction.

Franco-Nevada stated it acquired the shares for investment purposes and has no current plans to acquire additional Kenorland securities or dispose of its position, though it reserved the right to do so depending on market conditions and its investment strategy.

Kenorland is a mineral exploration company based in Vancouver, British Columbia, focused on early-stage exploration in North America. The company holds a 4% net smelter return royalty on the Frotet Project in Quebec, which contains an inferred mineral resource of 2.55 million ounces of gold.

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