Kirrin Resources Inc.
TSX VENTURE : KYM

Kirrin Resources Inc.

February 03, 2010 11:18 ET

Kirrin Resources Announces $200,000 Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 3, 2010) - Kirrin Resources Inc. (TSX VENTURE:KYM) today announced that it intends to complete a non-brokered private placement of up to 1,666,667 units ("Units") at a price of $0.12 per Unit for aggregate gross proceeds of up to $200,000 (the "Private Placement"). Each Unit will consist of one common share in the share capital of Kirrin ("Common Share") and one Common Share purchase warrant ("Warrant"). Each full Warrant will be exercisable into one Common Share at a price of $0.14 per Common Share for up to 18 months from the date of issuance, subject to earlier termination in certain circumstances. The Private Placement is subject to all necessary regulatory approvals, including the conditional approval of the TSX Venture Exchange (the "Exchange").

The proceeds from the Private Placement will be used for general working capital purposes. The Private Placement is expected to close on or about February 18, 2010 or such other date as is agreed to between the Kirrin and the subscribers and approved by the Exchange. The securities issued pursuant to the Private Placement shall be subject to a four month hold period under applicable securities laws.

Additional information relating to Kirrin is available on Kirrin's web site at www.kirrinresources.com and on SEDAR at www.sedar.com.

Kirrin is engaged in exploration for uranium and rare earth elements in Newfoundland & Labrador and Quebec and in the expansion of its portfolio through acquisition, merger, strategic partnership or joint venture. Its strategy is well defined: enhancing shareholder value by combining technical expertise, corporate development skills and professional management. Kirrin's shares trade on the TSX Venture Exchange under the symbol KYM.

To receive company news releases via e-mail, please advise catarina@chfir.com and specify "Kirrin News" in the subject line.

Forward-looking information: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those expressed or implied by such forward-looking information. Risks include delays in obtaining or failure to obtain regulatory approval. Except as required by applicable securities legislation, the Company undertakes no obligation to publically update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information