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Wednesday, 07/18/2018 10:14:03 PM

Wednesday, July 18, 2018 10:14:03 PM

Post# of 596
« ...After careful review of the financing options available, we are pleased to select Pandion Mine Finance as our funding partner”, stated Claudio Ciavarella, CEO Kerr Mines Inc “We believe the terms of this financing are competitive and create value for our shareholders. It is another key milestone that our team has achieved in just over a year since taking the helm of the Company. With this funding arrangement now in place, we are highly focused on continuing to create shareholder value and are now able to turn our attention to achieving our next targets – production in 2019, expansion of resources and mine life ” continued Ciavarella.

The highlights of the Agreement are:

US$27.6 million financing in two tranches, US$19.6 million in August 2018 and US$8 million in July 2019

The Company will deliver to Pandion a total of approximately 95,000 ounces over a 40 month period. However, no gold shall be deliverable by the Company during the first 22 months.

• Pandion will pay the Company the market price of delivered gold less a specified discount per ounce. In addition, Pandion will participate in a portion of any increase in the price of gold.

• All other production from the Copperstone will be sold at the market

• Additionally, Pandion would have the option to elect at any time to receive common shares of Kerr
Mines Inc., at a price of $0.40 per share, in lieu of delivery of up to 10,000 ounces of gold, subject to
the prior approval of the TSX.

• Kerr will retain the right to buy out and terminate the Agreement at any time... »

https://kerrmines.com/KERR/kerr-mines-announces-us27-6-million-project-financing-and-makes-positive-production-decision.pdf

https://mailchi.mp/26d9eac33c1a/kerr-mines-announces-us276-million-project-financing-and-makes-positive-production-decision

https://kerrmines.com/kerr-mines-announces-us27-6-million-project-financing-and-makes-positive-production-decision/

Read more at http://www.stockhouse.com/companies/bullboard/t.ker/kerr-mines-inc?postid=28336320#dVTmHgA4ic6P347W.99
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