News january 23 at 16h00 Kerr Mines Closes Final Tranche of Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - Jan. 23, 2014) - 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.