|October 26, 2010|
Kirrin Resources Announces $800,000 Private Placement
|Calgary, Canada: Kirrin Resources Inc. today announced that it is proceeding with a non brokered private placement of up to 10,000,000 units ("Units") by way of private placement at a purchase price of $0.08 per Unit for aggregate consideration of up to $800,000 (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 $0.12 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 19, 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.
Finders will receive a finder's fee up to 6% of the gross proceeds of the Private Placement that result from introductions by the finder.
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 engaged in rare earth element and uranium exploration in Newfoundland & Labrador, Quebec and Saskatchewan and in the expansion of its portfolio through 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.
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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.
Forward-looking information: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those expressed or implied by such forward-looking information. Risks include delays in obtaining or failure to obtain regulatory approval. Except as required by applicable securities legislation, the Company undertakes no obligation to publically update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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