08:59:48 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Kermode Resources Ltd
Symbol KLM
Shares Issued 109,130,170
Close 2022-04-25 C$ 0.02
Market Cap C$ 2,182,603
Recent Sedar Documents

Kermode Resources agreement for Little Bay property

2022-04-25 19:28 ET - Property Agreement

The TSX Venture Exchange has accepted for filling an option agreement dated April 11, 2022, between Kermode Resources Ltd., and Neal Blackmore, Wesley Keats, Bill Kennedy, Will Irvine, Frank Lucci and John Fahmy. Pursuant to the terms of the agreement, the company may acquire a 100-per-cent interest in the 211 mineral claims located in Newfoundland, known as the Little Bay copper property. By way of consideration, the company: (i) will make cash payments totalling $262,000; (ii) will spend a total of $4.25-million in exploration expenditures; (iii) will issue 1.5 million shares at a deemed price of the greater of the most recent trading price preceding the effective date and five cents per share upon signing; and (iv) will issue a total of 31.5 million shares in the next four years at a deemed price of the greater of the 30-day volume weighted average price immediately prior to the date of issue and five cents to the optionors. The property is subject to a 2-per-cent net smelter return (NSR) royalty in favour of the optionors and the company may purchase half of the royalty (a 1-per-cent NSR royalty) for $2-million.

For further details, please refer to the company's news release dated April 5, 2022.

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