Kirrin Resources arranges $800,000 financing

2009-09-09 09:05 ET - News Release

Mr. Derek Moran reports

KIRRIN RESOURCES ANNOUNCES $800,000 OFFERING

Kirrin Resources Inc. has entered into an agreement in connection with an offering of up to eight million units at a price of 10 cents per unit for aggregate gross proceeds of up to $800,000. Each unit will consist of one common share in the share capital of Kirrin and one-half of one common share purchase warrant. Each full warrant will be exercisable into one common share at a price of 15 cents per common share for 12 months from the date of issuance and 20 cents per common share for the following 12 months, subject to earlier expiry in certain circumstances. The offering is subject to all necessary regulatory approvals, including the conditional approval of the TSX Venture Exchange.

First Canadian Securities, a division of Limited Market Dealer Inc. (FCS), will act as agent and has agreed to act on a best efforts agency basis with respect to the offering. FCS will receive an agency fee of 8 per cent of the gross proceeds of the sale of the units and will be issued an option, exercisable for a period of 12 months from the closing date of the offering, to purchase up to an additional 800,000 units at an exercise price of 10 cents per unit, for additional proceeds of up to $80,000.

The proceeds from the offering will be used for exploration on Kirrin's portfolio of uranium properties and for general working capital purposes. The offering is expected to close on or about Sept. 28, 2009, or such other date as is agreed to between Kirrin and FCS and approved by the exchange. The securities issued pursuant to the offering shall be subject to a four-month hold period under applicable securities laws.

It is anticipated that certain directors and officers of Kirrin may subscribe to the offering. Pursuant to the policies of the exchange and Multilateral Instrument 61-101 -- protection of minority security holders in special transactions, the offering may be classified as a related party transaction. Kirrin anticipates that it will be able to rely upon exemptions from the related party requirements of MI 61-101.

We seek Safe Harbor.

Kirrin options Otish basin uranium JV from Kodiak

2009-06-17 07:30 ET - News Release

See News Release (C-KYM) Kirrin Resources Inc

Mr. Derek Moran of Kirrin reports

KIRRIN RESOURCES ENTERS OPTION AGREEMENT WITH KODIAK FOR OTISH BASIN URANIUM PROPERTY PORTFOLIO

Kirrin Resources Inc. has entered into an option agreement with Kodiak Exploration Ltd., allowing it to earn up to a 70-per-cent interest in Kodiak's Otish basin uranium property portfolio located in Quebec, Canada. The transaction is subject to contract and to regulatory approval.

Kirrin president and chief executive officer, Derek Moran, commented: "In October, 2008, Kodiak announced two exciting discoveries in Quebec's Otish basin. The geological setting is similar to that associated with Strateco's Matoush uranium deposit. This agreement doubles Kirrin's uranium exploration program and is the first acquisition resulting from Kirrin's extensive review of development opportunities in Canada."

Kodiak has an extensive land package covering 428.7 square kilometres of the Otish basin that includes a wide range of geological settings, target types, showings and geochemical anomalies. Much of the ground formerly belonged to Uranerz, a large European uranium company that explored here in the 1970s, but allowed its claims to lapse after uranium prices collapsed in the early 1980s. On Oct. 23, 2008, Kodiak announced (see news issued in Stockwatch) two discoveries of outcropping uranium on its 100 per cent controlled properties located in the Otish basin. On the UR East property, the newly discovered Big Bang radioactive zone returned multiple readings of 65,500-plus counts per second (cps) from an extensively overburden covered uranium-rich shear at least three metres wide that occurs near the intersection of several major regional structures. These readings of 65,500-plus cps are the maximum levels detectable by the RS-125 spectrometer used for the prospecting program. A grab sample from the Big Bang zone assayed 8,130 parts per million uranium (0.96 per cent U3O8). As well, five other radioactive outcrops were found in the vicinity, including one that is about 1.1 kilometres along strike to the east-northeast of the Big Bang discovery. The second discovery, Kodiak's Big Yellow outcrop, is located on the 100-per-cent controlled 308 West property, also located in Quebec's Otish basin. The Big Yellow is a radioactive 30-metre-by-30-metre outcrop of flat-lying, rusty conglomeratic sandstone that gave scintillometer readings up to 10,000 cps. This outcrop is located close to the intersection of two magnetic structures. These structures strike northeast and north-northwest, and are approximately seven and 8.5 kilometres long respectively. A northeast-trending gabbro dike was found near the discovery outcrop, confirming the magnetic interpretation and indicating a geologic setting very similar to Matoush. Kodiak also reported in its Oct. 23, 2008, news release (see news issued in Stockwatch) that its airborne geophysical surveys and 2008 exploration had identified 15 other targets for follow-up at the UR East property and that there are over 90 kilometres of prospective magnetic structures that remain to be explored on the 308 West property.

Kirrin may earn an initial 51-per-cent interest in the Otish basin portfolio by spending $2.8-million on exploration by Dec. 31, 2012, and may earn a further 19-per-cent interest by spending a further $1.5-million by Dec. 31, 2015, making a total commitment for a 70-per-cent interest of $4.3-million. Kirrin will be the operator of the project. Upon Kirrin fulfilling its earn-in obligations, the parties will form a 70:30 joint venture with each partner contributing its pro rata share of future expenditures. If either party dilutes its interest to less than 10 per cent in the joint venture, its interest will be converted to a 1-per-cent net smelter royalty. At March 31, 2009, Kodiak had recorded $2.5-million expenditures on the Otish basin portfolio.

Dr. Reg A. Olson, Phh, PGeo, is the designated qualified person for Kirrin on the projects mentioned herein. As the qualified person, he has prepared or reviewed the technical information for this release.

We seek Safe Harbor.