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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (21785)	9/22/2016 5:48:31 PM
From: Goose94	Read Replies (1) \| Respond to of 203382

Kerr Mines (KER-T) Sept 22, '16 is pleased to announce that it has closed the previously announced restructuring transactions with various creditors to restructure amounts owing and to address working capital deficiencies. Further to the Company's press release of August 25, 2016 the Company has now closed the following previously announced transactions: the issuance of 27,000,000 common shares in the capital of the Company ("Common Shares") to Trans Oceanic Minerals Company Ltd ("Trans Oceanic") with respect to the conversion of the entire C$1,350,000 of principal outstanding pursuant to a previously issued convertible promissory note in December 2015 (the "TOMCL Debt Conversion"); the issuance of 10,000,000 Common Shares to Trans Oceanic to settle certain liabilities related to the restructuring initiatives incurred by Trans Oceanic and payable by Kerr of $1,576,318 (the "TOMCL Private Placement"); the issuance of 18,500,000 Common Shares to Braydon Capital Corporation ("Braydon") to convert C$1,500,000 of principal outstanding under a previously issued promissory note (the "Braydon Private Placement"); and the issuance of 1,000,000 Common Shares with Todd Morgan ("Morgan") to settle a portion of the aggregate of $513,515.53 of indebtedness owed to Morgan ("Morgan Settlement"). Following the issuance of Common Shares pursuant to the TOMCL Debt Conversion, TOMCL Private Placement, Braydon Private Placement and Morgan Settlement an aggregate of 56,500,000 Common Shares has been issued by the Company to the various parties and following such issuances the Company now has 190,968,865 issued and outstanding Common Shares. The Company has obtained the required disinterested shareholder approval by way of a written consent in lieu of a shareholders meeting as previously stated in the August Press Release for the TOMCL Private Placement, Braydon Private Placement and Morgan Settlement and have submitted the final closing documents to the TSX for final approval. The TOMCL Private Placement and Braydon Private Placement constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 ("MI 61-101") as insiders of the Company, namely Braydon, a company controlled and owned by Claudio Ciavarella who is a director of the Company, and Trans Oceanic, a company controlled by Fahad Al Tamimi, the Company's Chairman of the board of directors (the "Board"), received an aggregate of 28,500,000 Common Shares under the respective transactions. The Company is relying on the exemption from the formal valuation requirement in section 5.5(a) of MI 61-101 and the exemption from the minority approval requirement in section in section 5.7(1)(f) of MI 61-101 as a result of the transactions having a fair market value of less than 25% of the Company's market capitalization. Website Kerr Mines is pleased to announce it has launched a new website. Details of the Board and the strategy to focus and develop its core asset, the Copperstone Mine, is available at www.kerrmines.com. For further information contact: Chris Hopkins Interim President and CEO Kerr Mines Inc. Email: chopkins@kerrmines.com