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Kermode Resources Ltd. — Capital/Financing Update 2023
Oct 26, 2023
42496_rns_2023-10-26_f8a288fd-f700-4f43-8ff8-e59c0db1d818.pdf
Capital/Financing Update
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Kermode options for MT SICKER Project
Victoria, British Columbia – (October 25, 2023) - Kermode Resources Ltd. (TSXV:KLM) ("Kermode") initiates the option agreement to purchase certain claims called the MT SICKER project in British Columbia from a group of private individuals who are arm's length to Kermode.
The project includes 15 mineral claims covering 1,699 hectares. The claims numbers are 1058549, 1071435, 1072713, 1074328, 1074555, 1074557, 1074558, 1074728, 1074771, 1074772, 1074774, 1074780, 1075484, 1075897, 1075919.
| Date | Cash | Securities | Spending Req's |
|---|---|---|---|
| Exchange Approval |
\$0 | 0 | \$0 |
| Year 1 |
\$0 | 2,500,000 | \$0 |
| Year 2 |
\$10,000 | 2,000,000 | \$0 |
| Year 3 |
\$20,000 | 2,500,000 | \$0 |
| Year 4 |
\$30,000 | 3,000,000 | \$0 |
| Year 5 |
\$50,000 | 4,000,000 | \$0 |
| Year 6 |
\$100,000 | 6,000,000 | \$0 |
| TOTAL | \$210,000 | 20,000,000 | \$0 |
TERMS OF THE PURCHASE OPTION:
OTHER TERMS & CONDITIONS:
-
a Net Smelter Return royalty of two percent 2% where half can be eliminated for one million dollars \$1,000,000. Note that the royalty is payable to two counterparties with different buy-down conditions: Justin Deveault's royalty shall have a buy-down of one million dollars to elimintate it; the other one percent royalty payable to 802213 AB LTD. shall not have any buy-down clause.
-
a Sales Participation Right (SPR) of five percent 5% payable to Justin Deveault from the gross proceeds of any future transaction where KLM sells the property in the next ten years.
About Kermode
Kermode is a junior mining company hunting for exploration opportunities around the world.
On Behalf of the Board of Directors, KERMODE RESOURCES LTD
"Peter Bell" President/CEO
| For further information |
please contact: |
|---|---|
| Tel: | 1-250-588-6939 |
| Email: | [email protected] |
| Website: | https://linktr.ee/kermoderesources |
Neither the TSX Venture Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. There is no assurance that the Company will enter the option or acquire the Project on the terms as outlined above or at all. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.