Kerr Mines

Kerr Mines completes acquisition of Bear Lake Gold

2014-05-23 09:25 ET - News Release

See News Release (C-KER) Kerr Mines Inc

Mr. Greg Gibson of Kerr reports

KERR MINES COMPLETES ACQUISITION OF BEAR LAKE

Kerr Mines Inc. has acquired all of the issued and outstanding common shares of Bear Lake by way of plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). The Arrangement was approved by Kerr Mines shareholders by written consent, by Bear Lake shareholders at their shareholder meeting held on May 6, 2014, and approved by the Ontario Superior Court of Justice on May 14, 2014.

Pursuant to the terms of the Arrangement, former holders of Bear Lake shares are now entitled to receive 1.4 Kerr Mines units in exchange for each Bear Lake share held. Each unit is comprised of one Kerr Mines share and one-half of one Kerr Mines warrant, each whole warrant exercisable at a price of $0.16 per share until May 22, 2016. The outstanding options of Bear Lake are deemed to be exchanged for Kerr Mines options, adjusted on the basis of the aforementioned exchange ratio, on the same terms and conditions as the original Bear Lake options. Also, by the terms of the Arrangement, Bear Lake and 2402196 Ontario Inc., a wholly-owned subsidiary of Kerr Mines, have been amalgamated under the name "Bear Lake Gold Ltd." and the amalgamated company is a wholly-owned subsidiary of Kerr Mines. Additional information on the business combination is available in the information circular of Bear Lake on SEDAR.