Kirrin Resources Inc.

Kirrin Resources Inc.

March 16, 2010 08:17 ET

Kirrin Resources Closes Fully Subscribed $200,000 Private Placement

CALGARY, ALBERTA--(Marketwire - March 16, 2010) - Kirrin Resources Inc. (the 'Corporation' or 'Kirrin') (TSX VENTURE:KYM) is pleased to announce that it has raised gross proceeds of $200,000 pursuant to its previously announced non-brokered private placement of 1,666,667 units at an issue price of $0.12 per unit, each unit consisting of one common share and one warrant of the Corporation ('Private Placement'). Each warrant is exercisable into one common share at a price of $0.14 per common share for 18 months from the date of issuance, subject to earlier expiry in certain circumstances. The Private Placement is subject to all necessary regulatory approvals including the approval of the TSX Venture Exchange. The securities issued pursuant to the Private Placement are subject to a four month hold period under applicable securities laws.

The proceeds from the Private Placement will be used for general working capital purposes.

Kirrin has been advised that on a pre-closing basis its President, CEO and a director, Mr Derek J. Moran of Carrickmines, Ireland ('Mr. Moran') directly owned or controlled 210,000 common shares and was taken to be indirectly interested in a further 1,709,568 common shares (in aggregate 9.3% of Kirrin's issued and outstanding common shares). Mr. Moran has acquired 166,667 units pursuant to the Private Placement. Accordingly, on a post-closing basis, Mr. Moran directly owns or controls 376,667 common shares and is taken to be indirectly interested in a further 1,709,568 common shares (in aggregate 9.4% of Kirrin's issued and outstanding common shares) as well as 166,667 warrants issued in the Private Placement (assuming full exercise of the warrants, 10.1% of Kirrin's issued and outstanding common shares). Mr. Moran has advised that he holds the securities described herein for investment purposes and has no current intention to acquire additional securities of Kirrin but depending on market and other conditions may from time to time increase his ownership, control or direction over the securities of Kirrin including the acquisition of additional shares of Kirrin through the exercise of stock options and warrants or he may dispose of his securities.

In addition to the units purchased by Mr. Moran, the remaining units were subscribed for by a purchaser who became an insider of the Corporation by virtue of its share ownership upon completion of the Private Placement.

Additional information relating to Kirrin is available on Kirrin's web site at and on SEDAR at

Kirrin is engaged in REE and uranium exploration in Newfoundland & Labrador, Quebec and Saskatchewan 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 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