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Kerr Mines secures restructuring deals for a third of its debt

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Kerr Mines secures restructuring deals for a third of its debt

Kerr Mines Inc.said July 11 that it reached settlement agreements with trade creditors and debtholders representing C$8.4 million of the company's total C$22.6 million in liabilitiesoutstanding as of March 31.

Kerr will pay a total of C$2.5 million in cash, common stockand future consideration to settle the debts and, subject to TSX approval, issue5,997,914 million common shares.

The company also used a convertible grid promissory from an existing director, shareholderand creditor to fund current cash payment requirements.

Negotiations with the remaining secured and unsecured debt holdersare ongoing.