Proceeds used for exploration on portfolio of REE, uranium properties
By Devika Patel
Knoxville, Tenn., Dec. 2 - Kirrin Resources Inc. said it will conduct a non-brokered private placement of units. It will raise C$1.4 million.
The company will sell 14 million units at C$0.10 apiece. Each unit consists of one flow-through common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$0.14 in the first year and at C$0.18 in the second.
The strike prices reflect premiums of 21.74% and 56.52% to C$0.115, the Dec. 1 closing share price.
Settlement is expected Dec. 22.
Proceeds will be used for exploration on Kirrin's portfolio of REE and uranium properties.
Kirrin Resources is a rare earth element and uranium exploration company based in Calgary, Alta.
| Issuer: | Kirrin Resources Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.4 million
|
| Units: | 14 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.14 in the first year, C$0.18 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 22
|
| Stock symbol: | TSX Venture: KYM
|
| Stock price: | C$0.115 at close Dec. 1
|
| Market capitalization: | C$2.62 million
|
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