08:12:48 EDT Thu 30 May 2024
Enter Symbol
or Name

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Kermode Resources Ltd (2)
Symbol KLM
Shares Issued 42,590,422
Close 2024-05-14 C$ 0.01
Market Cap C$ 425,904
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Kermode signs shares for services deal with 911

2024-05-15 12:51 ET - News Release

Mr. Peter Bell reports


Kermode Resources Ltd. has signed a shares for services agreement, subject to exchange approval. The company intends to issue common shares in the capital of Kermode to 911 Exploration Corp. (consultant) to pay for certain costs associated with minerals exploration activities. The consultants are arm's length to Kermode and its affiliates.

The consultant shall be eligible to receive a maximum amount of compensation under this agreement of $100,000 per month or $1.2-million for the full term from May 1, 2024, to May 1, 2025. The actual amount of compensation in any month shall depend on the services provided in that month as expressly agreed in advance with the company.

The deemed value of shares issued under this agreement will be the closing price of the shares on the TSX Venture Exchange on the first trading day after the month wherein the services were provided. The deemed value will not be less than the discounted market price (subject to a minimum price of one cent). Any shares issued at a deemed price less than five cents will be subject to the exchange hold period. In any case, the deemed value shall not be determined and any such securities shall not be issued until after the services are provided to the issuer.

There shall be a limitation on the total number of shares payable to the consultant at any time such that the consultant may not bring their undiluted share position at or above 10 per cent of the company's issued and outstanding shares until such time that a personal information form or 2C1 declaration will be filed with and cleared by the exchange. The company can pay the company in cash any amount above 10 per cent of the company's issued and outstanding shares until after such is filled and cleared by the exchange.

About Kermode Resources Ltd.

Kermode is a junior mining company hunting for exploration opportunities around the world.

We seek Safe Harbor.

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