Jun 09, 2003
Non-Brokered Private Placement
Kermode Resources is pleased to announce, subject to approval by the TSX, that the Company's President and Director, Mr. Donald G. Moore has agreed to a non-brokered private placement, with proceeds to the company of $160,000. The company will issue 1,000,000 units to Mr. Moore at a price of $0.16 per unit. A unit will consist of one common share and one common share purchase warrant, the warrant will be exercisable at a price of $0.30 per share for a period of two years.
The proceeds of this financing will be used to begin exploration for Carlin-type gold mineralization on the company's Jackson's Arm Gold Project in Newfoundland.
The Jackson's Arm property was the subject of a recent report by Dr. Derek Wilton, Professor of Economic geology in the Department of Earth Sciences, Memorial University of Newfoundland. Dr. Wilton noted the similarity of the known gold mineralization at Jackson's Arm to that in the Carlin district of Nevada, the premier gold producing area of the USA,
Previous drilling on the property has totaled 8,826 meters in 63 holes and has partially delineated four zones of gold mineralization.
ON BEHALF OF THE BOARD OF DIRECTORS
"D. Neil Briggs"