Mr. Greg Gibson reports
KERR MINES COMPLETES FIRST TRANCHE OF SALE OF ITS NORTHERN ONTARIO ASSETS
Further to its press release of Nov. 12, 2014, Kerr Mines Inc. has completed the first tranche of the sale of its Northern Ontario properties. Pursuant to a mining property acquisition agreement dated Feb. 11, 2015, Kerr Mines sold all of its right, title and interest in and to two unpatented mining claims located in McGarry township in exchange for a total of $225,000 and a 1-per-cent net-smelter-return royalty on the McGarry claims.
In connection with the terms of the first transaction, Kerr agreed, among other things, to the termination of its option agreement with Kerr Jex Corp., but retained a 1-per-cent net-smelter-return royalty on the Kerr Addison claims.
The company anticipates completing the sale of its remaining McGarry mine property, McGarry township and McVittie township claims, and its Bear Lake gold property in two tranches as soon as possible.
Proceeds of the first transaction will be held in trust to pay amounts outstanding to secured creditors of the company pending closing of the final transactions.
Completion of the final transactions will be subject to certain standard conditions including, without limitation, satisfactory due diligence and receipt of all necessary consents, waivers, permits, exemptions, orders and approvals.
We seek Safe Harbor.
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