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Kermode Resources Ltd. — M&A Activity 2022
Nov 10, 2022
42496_rns_2022-11-10_5f2d2f45-368d-4af4-a4a2-f1f5114f282e.pdf
M&A Activity
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Letter Of Intent for “MOUNT POLLEY EAST” Property Option
Victoria, British Columbia - (November 10, 2022) - Kermode Resources Ltd. (TSXV: KLM) ("Kermode") has entered into a non-binding letter of intent to acquire the MOUNT POLLEY EAST ("Project"). The Project comprises mineral tenure number 1098327 owned by Mr. Richard Young. The claims cover 432 hectares approximately 8km from the Mount Polley mine in British Columbia.
The LOI provides for a due diligence period extending to February 1, 2023. During this period, Kermode can conduct any work on the Project prior to entering a definitive agreement for a property purchase option as below.
TERMS OF THE PURCHASE OPTION:
| Cash | Securities | ExplorationCommitments | |
|---|---|---|---|
| ExchangeApproval | $10,000 | 4,000,000 | $0 |
| Year 1 | $5,000 | 3,000,000 | $0 |
| Year 2 | $0 | 3,000,000 | $0 |
| Year 3 | $0 | 0 | $500,000 |
OTHER TERMS & CONDITIONS:
- 4% Net Smelter Return Royalty "NS", where 3% can be bought-down for $3,000,000 entirely or in part.
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
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
This news release contains statements that constitute "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation.
Forward-looking statements in this document includes, but is not limited to whether any proposed transaction shall be completed at any time.
The forward-looking information contained in this news release represents the expectations of Kermode 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. While Kermode may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.