On August 30, 2024, KWG Resources Inc., also known as The Canadian Chrome Company, announced that its board of directors has approved an increase and extension of its private placement offering of Series CD-2024 convertible debentures. The maximum amount of the Private Placement has been increased to $5,000,000, following the closing of two tranches totaling $2,500,150. The company anticipates closing a third tranche by the end of September 2024.
In addition, KWG appointed Jeffrey Steiner to its board of directors, effective August 30, 2024. Mr. Steiner, an Ontario lawyer and businessman, brings a wealth of experience, having served as Chief of Staff to Canada’s Minister of Indian Affairs & Northern Development.
Recent substantial investments from Middle Eastern entities in the mining sector, such as Manara Minerals and the AD Ports Group, indicate a growing interest in the industry. KWG, focused on mineral exploration and development, sees potential in the chromite deposits of the Ring of Fire area for low carbon stainless steel making.
About The Canadian Chrome Company:
KWG, operating as The Canadian Chrome Company, is engaged in the identification, acquisition, and exploration of mineral deposits, including chromite and base metals. The company owns several interests, including the Black Horse chromite project and the Hornby claims. Additionally, KWG holds intellectual property related to chromite refining methods.
This news release may contain forward-looking statements, subject to applicable securities laws. KWG disclaims any obligation to update or revise such statements. The Canadian Securities Exchange and its Regulation Services Provider do not endorse the accuracy of this release.
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