Kirrin Resources Announces $1,500,000 Private Placement
20 Oktober 2011 - 2:30PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE:KYM) today announced that it is
proceeding with a non-brokered financing of up to 30,000,000 units
("Units") by way of private placement at a purchase price of $0.05
per Unit for aggregate consideration of up to $1,500,000 (the
"Private Placement"). Each Unit will consist of one common share in
the share capital of Kirrin ("Common Share") and one-half of one
Common Share purchase warrant ("Warrant"). Each full Warrant will
be exercisable into one Common Share at a price of $0.10 per Common
Share for 18 months from the date of issuance subject to earlier
expiry in certain circumstances. The Private Placement is subject
to all necessary regulatory approvals, including the conditional
approval of the TSX Venture Exchange (the "Exchange").
The proceeds from the Private Placement will be used for
exploration on Kirrin's portfolio of rare earth elements and
uranium properties and for general working capital purposes. The
Private Placement is being offered in various Canadian provinces as
well as other selected jurisdictions. It is expected to close on or
about November 23, 2010 or such other date agreed by Kirrin and
approved by the Exchange. The securities issued pursuant to the
Private Placement shall be subject to a four month hold period
under applicable securities laws.
Kirrin may retain agents in connection with the sale of Units
and such agents may receive from Kirrin a cash fee of up to 8% of
the gross proceeds of the Private Placement that result from
introductions by such agent.
It is anticipated that certain directors and officers of Kirrin
may subscribe to the Offering. Pursuant to the policies of the
Exchange and Multilateral Instrument 61-101 -- Protection of
Minority Security Holders in Special Transactions ("MI 61-101"),
the Offering may be classified as a "related party transaction".
Kirrin anticipates that it will be able to rely upon exemptions
from the related party requirements of MI 61-101.
Kirrin also confirmed that, in connection with its acquisition
of the additional lands adjacent to its Grevet REE property
(announced June 21, 2011), Kirrin issued 166,667 common shares in
satisfaction of its first payment obligation of $10,000 of the
total $25,000 due over the term under the option agreement.
Additional information relating to Kirrin is available on
Kirrin's web site at www.kirrinresources.com and on SEDAR at
www.sedar.com.
Kirrin is a Canadian green energy company that explores for rare
earth elements and uranium. In addition to its exploration
activities, Kirrin seeks to enhance its capitalization and the
quality of its portfolio by utilising its management's broad
industry and international experience in the identification of
suitable rare earth elements and uranium companies and green energy
assets for acquisition, merger, strategic partnership or joint
venture. Its strategy is well defined: enhancing shareholder value
by combining technical expertise, corporate development skills and
professional management. Kirrin's shares trade on the TSX Venture
Exchange under the symbol KYM.
To receive company news releases via e-mail, please advise
aman@chfir.com and specify "Kirrin News" in the subject line.
Cautionary Statement
This news release contains "forward-looking statements" within
the meaning of applicable securities laws relating to certain
future results and activities of Kirrin, including the contemplated
timing and completion of an equity financing. Readers are cautioned
to not place undue reliance on forward-looking statements.
Forward-looking statements are based on certain key assumptions
made by Kirrin, including assumptions related to the ability of
Kirrin to complete the equity financing in the anticipated
timeframe or at all, the receipt of regulatory approval and the
availability of capital and other resources to carry out planned
exploration programs. Such forward looking statements are subject
to known and unknown risks, uncertainties and other factors which
may cause actual results and developments to differ materially from
those contemplated by these statements depending on, among other
things, failure to complete the financing, failure to obtain
regulatory approval and insufficient funds or other resources to
carry out the planned exploration programs. The forward-looking
statements in this press release are made as of the date of this
release and Kirrin undertakes no obligation to update publicly or
revise any forward looking statements whether as a result of new
information or otherwise, except as required by applicable
securities laws. Kirrin undertakes no obligation to comment on
analyses, expectations or statements made by third-parties in
respect of Kirrin or its financial or operating results or (as
applicable) their securities.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Kirrin Resources Inc. Derek J Moran President 27 82
440 3426derek.moran@kirrinresources.comwww.kirrinresources.com CHF
Investor Relations Robin Cook Account Manager (416)
868-1079robin@chfir.com
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