Kerr Mines Extends Term of Outstanding Warrants

 

   NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES   

 

Kerr Mines Inc. ( TSX: KER OTC: KERMF ) ("Kerr" or the "Company") advises that it is proposing to extend the exercise period of a total of 21,239,409 outstanding share purchase warrants (the " 201 8 War rants ") issued pursuant to the private placement completed on November 27, 2018 and 3,350,000 outstanding share purchase warrants issued pursuant to the private placement completed on April 15, 2019 (the " 2019 W arrants ").  The current expiry date of the 2018 Warrants is November 27, 2020 and the new expiry date will be November 27, 2021. The current expiry date of the 2019 Warrants is April 15, 2021 and the new expiry date will be April 15, 2022. Except as provided below in respect of warrants held by insiders of the Company, the warrant extensions will become effective on November 30, 2020. All proposed warrant term extensions are subject to TSX approval and the Company has applied to the Toronto Stock Exchange (" TSX ") for approval.

 

All other terms of the 2018 Warrants and the 2019 Warrants will remain unchanged including the exercise price of $0.21 per common share.

 

A total of 6,846,444 of the 2018 Warrants and 3,350,000 of the 2019 Warrants are held directly or indirectly by insiders of the Company. The extension in respect of warrants held by insiders and their ability to exercise the 2018 Warrants after November 27, 2020 and the 2019 Warrants after April 15, 2020 will be subject to obtaining disinterested shareholder approval, which the Company intends to seek at the annual general and special meeting of shareholders of the Company scheduled for December 22, 2020. In the event that shareholder approval is not obtained, the 2018 Warrants held be insiders will terminate and be null and void effective November 27, 2020 and the 2019 Warrants will terminate in accordance with their original terms on April 15, 2020.

 

The extensions of the warrants held by insiders of the Company constitute related party transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by each insider does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company does not intend to file a material change report in respect of the extensions.

 

   About Kerr Mines Inc.   

 

 Kerr Mines is an emerging American gold producer advancing the restart of production at its 100-per-cent-owned, fully permitted past-producing Copperstone mine project, located in mining-friendly Arizona. The Copperstone mine project demonstrates significant upside exploration potential that has yet to be drilled within a 50 square-kilometre (12,258 acres) land package that includes past production of over 500,000 ounces of gold by way of an open-pit operation. The company's current focus is on maximizing Copperstone's potential by defining and expanding current resources and further optimizing the mine's economics for purposes of the restart of production in 2021 as a result of the recent US$18 million project funding transaction entered into with Star Royalties Ltd.

 

For further information please visit the Kerr Mines website (www.kerrmines.com).

 

  For further information contact:  

 
  
Giulio Bonifacio, Chief Executive Officer
  gtbonifacio@kerrmines.com   
Martin Kostuik, President
mkostuik@kerrmines.com  
 

   Cautionary Note Regarding Forward Looking Statements   

 

This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines' business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.

 

Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release and no stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

 

 

 

  Primary Logo 

 

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Gold bars with text: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.

In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.

Keep reading...Show less
Gold bar on nuggets with "5 Top Australian Mining Stocks" text overlay.

Top 5 Australian Mining Stocks This Week: Yandal Shares Double on Arrakis Drilling Results

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.

In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.

The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.

Keep reading...Show less
Pilbara region, Western Australia, Australia.

Pilbara 2.0: Inside Australia’s Newest Gold Frontier

The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.

Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.

Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.

Keep reading...Show less
A mining truck within the outline of Australia's map on a clear day.

Is Australia on the Brink of a New Mining Super Cycle?

Mining remains as a cornerstone of Australia’s GDP and export earnings, but current global challenges such as trade disputes and price changes may be straining its foundations.

A recent FocusEconomics report tackled Australia’s resource wealth, tracing from the gold rushes of the 1850s to the iron ore and coal booms of the 21st century.

Keep reading...Show less
Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

 
  •   High-grade gold intercepts highlighted by 15.5 m at 2.30 g/t Au, incl. 8.3 m at 3.43 g/t Au at the Road Cut Zone  
  •  
  •   Initial drilling on the gap between Jagger and Road Cut Zone confirms target structure, warrants further testing  
  •  
  •   Current drill phase complete; Geological modelling and planning underway for 15,000 m drill program expected to begin in H2 2025  
  •  

 

 Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Road Cut Zone at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from these holes continue to strengthen the Company's understanding of the key structural controls that define this prospective target area.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×