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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2009) - Kirrin
Resources Inc. (TSX VENTURE:KYM) today announced that it has entered
into an agreement in connection with an offering of up to 8,000,000
units ("Units") at a price of $0.10 per Unit for aggregate
gross proceeds of up to $800,000 (the "Offering"). 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 $0.15
per Common Share for 12 months from the date of issuance and $0.20 per
Common Share for the following 12 months, subject to earlier expiry in
certain circumstances. The Offering is subject to all necessary
regulatory approvals, including the conditional approval of the TSX
Venture Exchange (the "Exchange").
First Canadian Securities(R), a division of Limited Market Dealer Inc. ("FCS")
will act as agent and has agreed to act on a best efforts agency basis
with respect to the Offering. FCS will receive an agency fee of 8% of
the gross proceeds of the sale of the Units and will be issued an
option, exercisable for a period of 12 months from the closing date of
the Offering, to purchase up to an additional 800,000 Units at an
exercise price of $0.10 per Unit, for additional proceeds of up to
$80,000.
The proceeds from the Offering will be used for exploration on Kirrin's
portfolio of uranium properties and for general working capital
purposes. The Offering is expected to close on or about September 28,
2009, or such other date as is agreed to between Kirrin and FCS and
approved by the Exchange. The securities issued pursuant to the
Offering shall be subject to a four month hold period under applicable
securities laws.
It is anticipated that certain directors and officers of Kirrin may
subscribe to the Offering. Pursuant to the policies of the Exchange and
Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101"), the Offering
may be classified as a "related party transaction". Kirrin
anticipates that it will be able to rely upon exemptions from the
related party requirements of MI 61-101.
Additional information relating to Kirrin is available on Kirrin's web
site at www.kirrinresources.com and on SEDAR at www.sedar.com.
First Canadian Securities(R) is active in leading resource financings
(both flow-through and hard dollar PIPE financings) on competitive,
effective and service-friendly terms, and offers investment banking,
mergers and acquisitions, and mining industry consulting, services to
resource companies.
Kirrin is engaged in uranium exploration in Newfoundland & Labrador
and Quebec
and in the expansion of its portfolio through acquisition, merger,
strategic partnership or joint venture. Its strategy is well defined:
enhancing shareholder value by combining technical expertise, corporate
development skills and professional management. Kirrin's shares trade
on the TSX Venture Exchange under the symbol KYM.
To receive company news releases via e-mail, please advise catarina@chfir.com
and specify "Kirrin News" in the subject line.
Forward-looking information: Except for statements of historical fact,
all statements in this news release, without limitation, regarding new
projects, acquisitions, future plans and objectives are forward-looking
statements which involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those expressed
or implied by such forward-looking information. Risks include delays in
obtaining or failure to obtain regulatory approval. Except as required
by applicable securities legislation, the Company undertakes no
obligation to publically update or revise forward-looking information,
whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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