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.
