Kerr Mines Inc (KER)

[goldenpolarbear]

KERR MINES ANNOUNCES NON-DILUTIVE SHARE PURCHASE AND PROVIDES CORPORATE UPDATE

TORONTO, May 15, 2017

/CNW/

- Kerr Mines Inc. ("Kerr" or the "Company") (TSX: KER) announces that Forte Fixtures & Millwork Inc. a company controlled and owned by Claudio Ciavarella, Chief Executive Officer and Director of Kerr, and Trans Oceanic Minerals Company Limited, a company controlled by Fahad Al Tamimi, the Company's Chairman have purchased 3,500,000 shares for US$550,000 from a supplier that received the shares as part of a debt settlement agreement in July 2016. At current U.S. dollar exchange rates this represents a purchase price per share of approximately C$0.21, a 20% premium to market close. This purchase results in both Mr. Tamimi and Mr. Ciavarella increasing their respective positions to approximately 25% and 14% of the issued and outstanding common shares of Kerr on an undiluted basis.

"On behalf of Mr. Tamimi and myself, we are pleased to have been able to acquire this non-dilutive block of additional shares," stated Mr. Ciavarella. "The Company has undergone a transformation over the course of the last few months, strengthening the team and its balance sheet in preparation for advancement of the Copperstone Mine project. We are committed to maximizing value for our shareholders and ensuring this is done so through a prudent and methodical approach to exploration and development."

http://kerrmines.com/release/?id=122648