TORONTO, May 15, 2017 /PRNewswire/ - 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.
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.