Kirrin Resources Inc.
TSX VENTURE : KYM

Kirrin Resources Inc.

November 20, 2009 19:26 ET

Kirrin Resources Clarifies November 19, 2009 Release

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2009) - Kirrin Resources Inc. (TSX VENTURE:KYM) (the "Corporation") wishes to clarify its press release of November 19, 2009 in respect of the consideration to be paid to the agent in connection with the Corporation's proposed private placement for aggregate gross proceeds of up to $798,000, as follows:

First Canadian Securities® ("FCS"), a division of Limited Market Dealer Inc., will act as agent on a best efforts agency basis with respect to the Offering. FCS will receive an agency fee of 5% of the gross proceeds of the sale of the FT Units, which agency fee shall be payable, at FCS's election, in cash or in units of the Corporation ("Units") with a deemed value of $0.14 per Unit. Each Unit shall be comprised of one common share of the Corporation and one common share purchase warrant exercisable into one common share of the Corporation at a price of $0.20 per common share for 12 months from the date of issuance and $0.25 per common share for the following 12 months, subject to earlier expiry in certain circumstances. In addition, FCS will receive a due diligence fee in an amount equal to 5% of the gross proceeds of the sale of the FT Units (plus G.S.T.) which due diligence fee shall be payable in Units with a deemed value of $0.14 per Unit. FCS shall also be issued an option exercisable for a period of 24 months from the closing date of the Offering to purchase up to 570,000 Units at an exercise price of $0.14 per Unit.

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

First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting services to resource companies. 

Kirrin is engaged in REE and uranium exploration 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.

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