TORONTO, Nov. 29, 2017 /CNW/ - Kerr Mines Inc.
("Kerr" or the "Company") (TSX: KER, OTC: KERMF, FRA: 7AZ1)
announces that, further to its November 10,
2017 press release and based on initial subscription
results, it intends to complete a non-brokered private placement
with proceeds exceeding the originally announced target of
$5 million due to high investor
interest. Kerr intends to upsize the placement of Shares in
the Company at a price of $0.30 per
Share (the "Offering"). The Company will use the net
proceeds from the Offering to finance the exploration program at
its flagship Copperstone Mine in Arizona.
"We are extremely pleased by the high level of investor interest
in our current offering. I think it is a strong endorsement
of what we have achieved so far with the exploration program at
Copperstone and the increasing confidence in our ability to
continue to show strong results and advance the Copperstone
Project," stated Claudio
Ciavarella, Chief Executive of Kerr and the Company's second
largest shareholder. "This funding will allow us to
aggressively execute the second phase of our surface and
underground exploration programs, complete the pre-feasibility by
March 2018 and further prepare for
the production restart decision."
The Offering is scheduled to close on or about December 13, 2017. The Offering has been
conditionally approved by the Toronto Stock Exchange ("TSX")
but remains subject to final approval from the TSX.
Certain eligible persons (the "Finders") will be paid a
cash commission up to 7% of the proceeds raised from subscribers
introduced to the Company by such Finder in connection with the
Offering.
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 the
Walker Lane 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.
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.
SOURCE Kerr Mines Inc.