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Kerr Mines arranges debt financings with shareholder
2016-03-11 15:18 ET - News Release
Mr. Greg Gibson reports
KERR ANNOUNCES DEBT FACILITY AND APPOINTMENT OF CHIEF FINANCIAL OFFICER
Kerr Mines Inc. has arranged debt financings with an existing shareholder and creditor of the company. On Dec. 17, 2015, the holder loaned the company a total of $1.35-million under a convertible promissory note, and, on March 9, 2016, the holder loaned the company up to $1-million (U.S.) under a convertible grid promissory note, pursuant to which the company can draw upon for general working capital purposes. The December note and the March note each bear interest at an annual rate of 15 per cent compounded monthly and are payable on demand. The holder has the right to convert any part of the amount owing under the December note into common shares of the company at a conversion price of two cents per common share and any part of the amount owing under the March note into common shares at a conversion price of 6.5 cents per common share. Each of the notes is secured by a general security agreement in the Copperstone mine. The terms of the notes are subject to all necessary approvals, including the approval of the Toronto Stock Exchange and a majority of disinterested shareholders of the company.
The company also wishes to announce the appointment of Chris Hopkins as chief financial officer of the company. Mr. Hopkins has over 25 years of experience in a variety of financial management roles in the resources industry. The majority of his career has been spent in senior financial roles with publicly listed mining companies, including U.S. Silver, Rio Algom Ltf., BHP Billiton, Suncor Inc., and several Canadian and international junior mining companies. He received his bachelor of commerce from the University of Toronto and his chartered accountant designation and his master of business administration from the Schulich School of Business at York University.
"Securing additional funding from supportive existing investors and strengthening the management team are further key steps in advancing our plans for Kerr and its core asset, the Copperstone mine in Arizona," stated Greg Gibson, president and chief executive officer of Kerr.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
Kerr Mines arranges debt financings with shareholder
2016-03-11 15:18 ET - News Release
Mr. Greg Gibson reports
KERR ANNOUNCES DEBT FACILITY AND APPOINTMENT OF CHIEF FINANCIAL OFFICER
Kerr Mines Inc. has arranged debt financings with an existing shareholder and creditor of the company. On Dec. 17, 2015, the holder loaned the company a total of $1.35-million under a convertible promissory note, and, on March 9, 2016, the holder loaned the company up to $1-million (U.S.) under a convertible grid promissory note, pursuant to which the company can draw upon for general working capital purposes. The December note and the March note each bear interest at an annual rate of 15 per cent compounded monthly and are payable on demand. The holder has the right to convert any part of the amount owing under the December note into common shares of the company at a conversion price of two cents per common share and any part of the amount owing under the March note into common shares at a conversion price of 6.5 cents per common share. Each of the notes is secured by a general security agreement in the Copperstone mine. The terms of the notes are subject to all necessary approvals, including the approval of the Toronto Stock Exchange and a majority of disinterested shareholders of the company.
The company also wishes to announce the appointment of Chris Hopkins as chief financial officer of the company. Mr. Hopkins has over 25 years of experience in a variety of financial management roles in the resources industry. The majority of his career has been spent in senior financial roles with publicly listed mining companies, including U.S. Silver, Rio Algom Ltf., BHP Billiton, Suncor Inc., and several Canadian and international junior mining companies. He received his bachelor of commerce from the University of Toronto and his chartered accountant designation and his master of business administration from the Schulich School of Business at York University.
"Securing additional funding from supportive existing investors and strengthening the management team are further key steps in advancing our plans for Kerr and its core asset, the Copperstone mine in Arizona," stated Greg Gibson, president and chief executive officer of Kerr.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
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