The Conversation (0)
Kirrin Resources Inc. (TSXV:KYM) today announced that it is postponing the non-brokered private placement announced on October 20, 2011.
As quoted in the press release:
As quoted in the press release:
Kirrin had already renegotiated much of its 2012 work obligations under option agreements but acknowledged that a further liability could arise as it was now unlikely that the Company would meet its entire flow-through expenditure obligation during 2011.
Kirrin Resources Inc., President & CEO, Derek Moran, said:
“I believe investors expected this decision. Market conditions are more than unreceptive, one of Kirrin’s advisors called them ‘brutal’. We marketed the private placement as the first part of financing 10,000 metres of drilling across Kirrin’s portfolio of two REE and two uranium projects in Canada. Indications of participation did not give the directors confidence that we could achieve that objective. Accordingly, we are postponing the private placement and subscriptions will be returned.”
Click here to read the Kirrin Resources Inc (TSXV:KYM) press release
Click here to see the Kirrin Resources Inc (TSXV:KYM) profile.