The Conversation (0)
Kirrin Resources Inc. (TSXV:KYM) announced that it is proceeding with a non-brokered financing of up to 30,000,000 units by way of private placement at a purchase price of $0.05 per unit for aggregate consideration of up to $1,500,000.
As quoted in the press release:
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.
Click here to read the Kirrin Resources (TSXV:KYM) press release.
