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CALGARY, ALBERTA--(Marketwire
- Dec. 1, 2010) - Kirrin Resources Inc. ('Kirrin' or 'the Corporation') (TSX VENTURE:KYM) is
pleased to announce that it has raised gross proceeds of $674,000, net
proceeds of $656,000, pursuant to its non-brokered private placement
announced on October 26, 2010 ('Private Placement'). The net proceeds
from the Private Placement will be used for exploration on Kirrin's portfolio of rare earth elements and
uranium properties and for general working capital purposes.
Pursuant to the Private Placement, Kirrin
issued 8,425,000 units at an issue price of $0.08 per unit, each unit
consisting of one common share and one half warrant of the Corporation.
Each full warrant is exercisable into one common share at a price of
$0.12 per common share for 18 months from the date of issuance, subject
to earlier expiry in certain circumstances. The Private Placement is
subject to all necessary regulatory approvals including the approval of
the TSX Venture Exchange. The securities issued pursuant to the Private
Placement are subject to a four month hold period under applicable
securities laws.
Certain directors and officers of the Corporation participated,
directly and indirectly, in the private placement, for an aggregate of
1,925,000 units, or approximately 23% of the Private Placement. In
addition, an insider of the Corporation, who is not an officer or
director of the Corporation, subscribed for 2,000,000 units, or
approximately 24% of the Private Placement. Finder's fees of 6% were
paid in respect of the issuance of 3,750,000 units to various finders.
Kirrin is engaged in rare earth element and
uranium exploration in Newfoundland & Labrador, Quebec and
Saskatchewan and in the expansion of its portfolio through acquisition,
merger, strategic partnership and 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.
Additional information relating to Kirrin is
available on Kirrin's web site at www.kirrinresources.com and
on SEDAR at www.sedar.com.
To receive company news releases via e-mail, please advise nadine@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 including, without limitation,
future plans and objectives of the Company 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 and undue reliance
should not be placed on it. The risk factors that could cause actual
results to vary from results expressed or implied by the
forward-looking statements contained in this press release are
primarily events beyond Kirrin's control and
may preclude Kirrin from satisfying all
applicable pre-conditions. These forward-looking statements are made as
of the date hereof and 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 the 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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