TORONTO, May 15, 2017 /CNW/ - Kerr Mines Inc.
("Kerr" or the "Company") (TSX: KER) announces that Forte
Fixtures & Millwork Inc. a company controlled and owned by
Claudio Ciavarella, Chief Executive
Officer and Director of Kerr, and Trans Oceanic Minerals Company
Limited, a company controlled by Fahad Al
Tamimi, the Company's Chairman have purchased 3,500,000
shares for US$550,000 from a supplier
that received the shares as part of a debt settlement agreement in
July 2016. At current U.S. dollar exchange rates this
represents a purchase price per share of approximately C$0.21, a 20% premium to market close. This
purchase results in both Mr. Tamimi and Mr. Ciavarella increasing
their respective positions to approximately 25% and 14% of the
issued and outstanding common shares of Kerr on an undiluted
basis.
"On behalf of Mr. Tamimi and myself, we are pleased to
have been able to acquire this non-dilutive block of additional
shares," stated Mr. Ciavarella. "The Company has undergone a
transformation over the course of the last few months,
strengthening the team and its balance sheet in preparation for
advancement of the Copperstone Mine project. We are committed to
maximizing value for our shareholders and ensuring this is done so
through a prudent and methodical approach to exploration and
development."
The Company also wishes to announce that it has filed its
financial statements and management discussion and analysis for the
third quarter ended March 31,
2017. These documents may be viewed at www.sedar.com or the
Company's website.
Kerr also wishes to announce the resignation of Gregory Smith from the Company's board of
directors. "I would like to personally thank Greg for his
years of dedicated service and wise counsel" stated Claudio Ciavarella, Kerr's Chief Executive
Officer.
About Kerr
Kerr Mines
is a North American gold development and exploration company
currently advancing the fully permitted past-producing Copperstone
Mine project. Copperstone is a high-grade gold project located
along the Walker Lane mineral belt in mining-friendly Arizona. The project demonstrates significant
upside exploration potential within a 12,000 acre land package. The
focus for the Company is to maximize Copperstone's potential by
defining and expanding current resources and strengthening the
mine's economics leading to a production decision.
This news release contains forward-looking statements, including
current expectations on the timing of the commencement of
production and the rate of production, if commenced. These
forward-looking statements entail various risks and uncertainties
that could cause actual results to differ materially from those
reflected in these forward-looking statements. Such statements are
based on current expectations, are subject to a number of
uncertainties and risks, and actual results may differ materially
from those contained in such statements. These uncertainties and
risks include, but are not limited to, the strength of the Canadian
economy; the price of gold; operational, funding, and liquidity
risks; the degree to which mineral resource estimates are
reflective of actual mineral resources; and the degree to which
factors which would make a mineral deposit commercially viable are
present; the risks and hazards associated with underground
operations. Risks and uncertainties about Kerr Mines' business are more fully discussed in
the Company's disclosure materials, including its annual
information form and MD&A, filed with the securities regulatory
authorities in Canada and
available at www.sedar.com and readers are urged to read these
materials. Kerr Mines assumes no
obligation to update any forward-looking statement or to update the
reasons why actual results could differ from such statements unless
required by law.
Neither TSX nor its Regulation Services Provider (as that term
is defined in the policies of the TSX) accepts responsibility for
the adequacy or accuracy of this release and no stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
SOURCE Kerr Mines Inc.