|December 01, 2010|
Kirrin Resources Closes $0.7 Million Private Placement
|Calgary, Canada: Kirrin Resources Inc. ('Kirrin' or 'the Corporation') is pleased to announce that it has raised gross proceeds of $674,000, net proceeds of $656,000, pursuant to its non-brokered private placement announced on October 26, 2010 ('Private Placement'). The net 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.|
Pursuant to the Private Placement, Kirrin issued 8,425,000 units at an issue price of $0.08 per unit, each unit consisting of one common share and one half warrant of the Corporation. Each full warrant is 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 approval of the TSX Venture Exchange. The securities issued pursuant to the Private Placement are subject to a four month hold period under applicable securities laws.
Certain directors and officers of the Corporation participated, directly and indirectly, in the private placement, for an aggregate of 1,925,000 units, or approximately 23% of the Private Placement. In addition, an insider of the Corporation, who is not an officer or director of the Corporation, subscribed for 2,000,000 units, or approximately 24% of the Private Placement. Finder's fees of 6% were paid in respect of the issuance of 3,750,000 units to various finders.
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 and 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.
Additional information relating to Kirrin is available on Kirrin's web site at www.kirrinresources.com and on SEDAR at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Derek J Moran, President, Kirrin Resources Inc.
27 82 440 3426
Robin Cook, Account Manager, CHF Investor Relations
To receive company news releases via e-mail, please advise [email protected] and specify "Kirrin News" in the subject line.
Neither the 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 including, without limitation, future plans and objectives of the Company 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 and undue reliance should not be placed on it. The risk factors that could cause actual results to vary from results expressed or implied by the forward-looking statements contained in this press release are primarily events beyond Kirrin's control and may preclude Kirrin from satisfying all applicable pre-conditions. These forward-looking statements are made as of the date hereof and 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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