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Kerr Mines Closes First Tranche of Non-Brokered Private Placement |
March 05, 2015
TORONTO, ONTARIO--(Marketwired - March 4, 2015) - Kerr Mines Inc. (TSX:KER) (the "Company") announces that it has completed the first tranche of a private placement (the "Offering") of units (the "Units") for gross proceeds of up to $3.86 million. The Company has issued an aggregate of 12,500,000 Units at a price of $0.20 per Unit for total proceeds of $2.5 million. Each Unit is comprised of one common share (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable at a price of $0.30 per Common Share for a period of two years from the date of issuance. The Company paid finders' fees equal to 5% of the gross proceeds of the Offering. The Company intends to close the second tranche of the Offering as soon as possible. Proceeds of the Offering will be used for general working capital purposes and to satisfy payables.
http://www.marketwired.com/mw/release.do?id=1997648&sourceType=3
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