KERR MINES ANNOUNCES CLOSING OF OVERSUBSCRIBED $6,000,000 PRIVATE PLACEMENT
TORONTO, ONTARIO – December 14, 2017 – Kerr Mines Inc. (TSX: KER, OTC: KERMF, FRA: 7AZ1) (“Kerr” or the “Company”) is pleased to announce the closing of an oversubscribed non brokered private placement (see press release dated November 29, 2017).
In connection with the placement, the Company will issue 20,371,869 common shares of the Company (“Shares”) at a price of $0.30 per Share for total gross proceeds of $6,111,564 (the “Offering”). Proceeds exceeded the originally announced target of $5 million due to high investor interest. The Company will use the net proceeds from the Offering to continue advancing its flagship Copperstone Mine in Arizona to a production restart decision.
“This financing is another positive step forward in achieving our strategic objectives,” stated Claudio Ciavarella, Kerr’s Chief Executive Officer. “With the success of the first phase of our exploration program we have gained further confidence in our ability to move the project towards the successful completion of our updated resource and Pre-feasibility Study in Q1 2018 and subsequent production decision.”
In connection with the Offering the Company paid finder fees totaling $209,387 to certain eligible persons.
The Offering has been conditionally approved by the Toronto Stock Exchange (“TSX”) but remains subject to final approval from the TSX. The securities issued pursuant to the Offering are subject to a four month hold period in accordance with applicable securities laws.
About Kerr Mines Inc.
Kerr Mines is a North American gold development and exploration company currently advancing the 100% owned, fully permitted, past-producing Copperstone Mine project. Copperstone is a high-grade gold project located along a detachment fault mineral belt in mining-friendly Arizona. The project demonstrates significant upside exploration potential within a 4,775 hectare (11,800 acres) land package that includes a production history of over 500,000 ounces of gold. The Company’s current focus is on maximizing Copperstone’s potential by defining and expanding current resources and strengthening the mine’s economics leading to a production decision.
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