Kerr Mines Closes Final Tranche of Non-Brokered Private Placement
TORONTO, ONTARIO -- (Marketwired) -- 01/23/14 -- Kerr Mines Inc.
(TSX: KER) (the "Company") is pleased to announce that, further to
its press release of December 30, 2013, it has completed its $5.35
million private placement which was approved by shareholders at its
annual and special meeting held on December 19, 2013. In connection
with the final tranche, the Company has issued 35,000,000 units of
the Company (the "Units") at a price of $0.05 per Unit for total
aggregate proceeds of $1.75 million. Each Unit is comprised of one
common share (a "Common Share") and one Common Share purchase warrant
(a "Warrant"), each Warrant entitling the holder thereof to acquire a
Common Share at a price of $0.08 per share for a period of three (3)
years from the date of issuance.
The Company will use the net proceeds from the offering to further
develop its McGarry Mine Project, including test stoping and
definition drilling, to fund the exploration program on the Company's
mineral properties and for general corporate purposes.
The securities issued are subject to a four month hold period,
expiring on May 24, 2014. Completion of the private placement is
subject to final acceptance of the Toronto Stock Exchange.
This news release contains forward-looking statements, including
current expectations on the timing of the commencement of production
and the rate of production, if commenced. These forward-looking
statements entail various risks and uncertainties that could cause
actual results to differ materially from those reflected in these
forward-looking statements. Such statements are based on current
expectations, are subject to a number of uncertainties and risks, and
actual results may differ materially from those contained in such
statements. These uncertainties and risks include, but are not
limited to, the strength of the Canadian economy; the price of gold;
operational, funding, and liquidity risks; the degree to which
mineral resource estimates are reflective of actual mineral
resources; and the degree to which factors which would make a mineral
deposit commercially viable are present; the risks and hazards
associated with underground operations. Risks and uncertainties about
Kerr Mines' business are more fully discussed in the company's
disclosure materials, including its annual information form and MD&A,
filed with the securities regulatory authorities in Canada and
available at www.sedar.com and readers are urged to read these
materials. Kerr Mines assumes no obligation to update any
forward-looking statement or to update the reasons why actual results
could differ from such statements unless required by law.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
Kerr Mines Inc.
President and CEO
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