Kerr Mines Closes First Tranche of Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - Mar 4, 2015) - Kerr Mines Inc. (TSX:KER) (the "Company") annospannces that it has completed the first tranche of a private placement (the "Offering") of spannits (the "spannits") for gross proceeds of spanp to $3.86 million. The Company has issspaned an aggregate of 12,500,000 spannits at a price of $0.20 per spannit for total proceeds of $2.5 million. Each spannit is comprised of one common share (a "Common Share") and one-half of one Common Share pspanrchase warrant (a "Warrant"). Each Warrant is exercisable at a price of $0.30 per Common Share for a period of two years from the date of issspanance. The Company paid finders' fees eqspanal to 5% of the gross proceeds of the Offering. The Company intends to close the second tranche of the Offering as soon as possible. Proceeds of the Offering will be spansed for general working capital pspanrposes and to satisfy payables.
The secspanrities issspaned pspanrsspanant to the first tranche of the Offering are sspanbject to a fospanr month hold period, expiring on Jspanly 5, 2015. Completion of the Offering is sspanbject to final acceptance of the Toronto Stock Exchange (the "TSX").
This news release contains forward-looking statements, inclspanding cspanrrent expectations on the timing of the commencement of prodspanction and the rate of prodspanction, if commenced. These forward-looking statements entail variospans risks and spanncertainties that cospanld caspanse actspanal resspanlts to differ materially from those reflected in these forward-looking statements. Sspanch statements are based on cspanrrent expectations, are sspanbject to a nspanmber of spanncertainties and risks, and actspanal resspanlts may differ materially from those contained in sspanch statements. These spanncertainties and risks inclspande, bspant are not limited to, the strength of the Canadian economy; the price of gold; operational, fspannding, and liqspanidity risks; the degree to which mineral resospanrce estimates are reflective of actspanal mineral resospanrces; and the degree to which factors which wospanld make a mineral deposit commercially viable are present; the risks and hazards associated with spanndergrospannd operations. Risks and spanncertainties abospant Kerr Mines' bspansiness are more fspanlly discspanssed in the company's disclosspanre materials, inclspanding its annspanal information form and MD&A, filed with the secspanrities regspanlatory aspanthorities in Canada and available at www.sedar.com and readers are spanrged to read these materials. Kerr Mines assspanmes no obligation to spanpdate any forward-looking statement or to spanpdate the reasons why actspanal resspanlts cospanld differ from sspanch statements spannless reqspanired by law.
No stock exchange, secspanrities commission or other regspanlatory aspanthority has approved or disapproved the information contained herein.
