Published on: 8/29/2014 12:04:13 PM Print | Font Sizes:  Normal Text Large Text

Kerr Mines raises cash for operations


By: Northern Ontario Business staff

Kerr Mines plans to raise $15 million for its operations. (FILE PHOTO)
Kerr Mines plans to raise $15 million for its operations. (FILE PHOTO)

Kerr Mines, which recently reached a merger agreement with San Gold, has announced it’s raising $15 million for general operations.

The company announced it would issue units of the company to raise profits of $5 million in a non-brokered private placement. It will subsequently complete a $10-million brokered subscription receipt financing deal with relation to its merger with San Gold. There is also an option to sell an additional subscription receipts for $3 million in proceeds.

Proceeds from the financing will be used for general working capital purposes.

The company expects the closing of the offering to take place on or about Sept. 12, while the closing of the financing, which will likely take place in one or more tranches, is expected to close on Sept. 18.

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