Kerr Mines Inc. 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 company´s chairman Fahad Al Tamimi, have purchased 3,5 million shares for 550,000 US dollar 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 percent premium to market close. This purchase results in both Mr. Tamimi and Mr. Ciavarella increasing their respective positions to approximately 25 percent and 14 percent 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.
According to him, 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, said Ciavarella.
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 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.
SOURCE Kerr Mines Inc.
