Deal funds general working capital purposes; shares sold at C$0.05
By Devika Patel
Knoxville, Tenn., March 25 - Kerr Mines Inc. said it raised C$2.1 million in the initial tranche of a C$5 million private placement of shares. The deal priced on March 3.
The company is selling 100 million common shares at C$0.05 per share. The price per share is a 25% premium to C$0.04, the Feb. 28 closing share price. Kerr sold 42 million shares in the first tranche.
Proceeds will be used for general working capital purposes.
The gold exploration and development company is based in Kirkland Lake, Ont.
| Issuer: | Kerr Mines Inc.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 100 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Pricing date: | March 3
|
| Settlement date: | March 25 (for C$2.1 million)
|
| Stock symbol: | Toronto: KER
|
| Stock price: | C$0.04 at close Feb. 28
|
| Market capitalization: | C$17.34 million
|
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