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Kermode Resources Ltd. — Capital/Financing Update 2023
Dec 9, 2023
42496_rns_2023-12-08_b5c0a9d6-0ef9-4d0c-8bb5-7341a81539db.pdf
Capital/Financing Update
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Kermode options VIGH GRAPHITE in BC
Victoria, British Columbia – (December 8, 2023) - Kermode Resources Ltd. (TSXV:KLM) ("Kermode") initiates the property purchase option agreement for the VIGH GRAPHITE project in British Columbia.
The asset to be acquired comprises an early-stage exploration project with 32 mineral claims covering approximately 660 hectares in the Province of British Columbia under the following claims numbers: 1108744, 1107569, 1107957, 1096360, 1109204, 1109205.
The parties to the transaction are James Vigh, Milosz Mielniczuk, and Luc Lesage. The vendors are arm's length to Kermode.
The proposed consideration and method of payment are as follows:
| Date | Cash | Securities | SpendingReq's |
|---|---|---|---|
| ExchangeApproval | $0 | 1,500,000 | $0 |
| Year1 | $0 | 0 | $0 |
| Year2 | $0 | 0 | $0 |
| Year3 | $0 | 1,500,000 | $0 |
| TOTAL | $0 | 3,000,000 | $0 |
TERMS OF THE PURCHASE OPTION:
OTHER TERMS & CONDITIONS:
- a Net Smelter Return royalty of five percent 5% with the following buy-down conditions. Three percent 3% can be eliminated for three million dollars $3,000,000, reducing the royalty to 2%. All royalty income and buy-down are payable to James Vigh or nominee.
- a Sales Participation Right (SPR) of ten percent 10% payable to James Vigh or nominee from the gross proceeds of any future transaction where KLM sells the property in the next ten years
There are no finder's fee to be paid. There are no relationships involving any Non Arm's Length Party and Kermode.
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
| Forfurtherinformation | pleasecontact: |
|---|---|
| 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.