Kirrin Resources Inc.

Kirrin Resources Inc.

November 13, 2009 08:30 ET

Kirrin Resources Completes $206,000 Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 13, 2009) - Kirrin Resources Inc. (TSX VENTURE:KYM) is pleased to announce that it has raised gross proceeds of $206,000 pursuant to its previously announced private placement in respect of units of the Corporation at an issue price of $0.10 per unit, each unit consisting of one common share and one half of one warrant. Each full warrant will be exercisable into one common share at a price of $0.15 per common share for 12 months from the date of issuance and $0.20 per common share for the following 12 months, subject to earlier expiry in certain circumstances.

In connection with the offering, Kirrin paid cash commissions in the aggregate of $11,640 to Limited Market Dealer Inc. ("LMD") and various other finders and issued an option to LMD, exercisable for a period of 12 months from the closing date of issuance, to purchase up to 103,000 units at their issue price. 

All of the common shares, warrants and option issued or issuable in connection of the private placement are subject to a four month hold period from the date of issuance under applicable securities laws.

The proceeds from the offering will be used for exploration on Kirrin's portfolio of rare earth element (REE) and uranium properties and for general working capital purposes. 

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 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. 

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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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