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KLM: TSX-V
$0.01

News

Jul 14, 2003

Kermode Closes Private Placement

The Company announces that it has closed on its private placement of 1,000,000 units (the "Units") @ $0.16 per share for aggregate proceeds of $160,000. The Units were comprised of 500,000 flow-through common shares, 500,000 non-flow-through common shares (together, the "Shares"), and 1,000,000 non-flow-through share purchase warrants ("Warrants"). Each Warrant entitles the holder to purchase an additional common share (the "Warrant Shares") of the Company for a period of two years from the date of issuance at a price of $0.30 per share. The Shares and Warrant Shares are subject to a hold period expiring November 12, 2003.

Pursuant to section 111 of the Securities Act (British Columbia), the Company and Donald G. Moore, a director and President of the Company, jointly announce that Mr. Moore has directly acquired under the aforementioned private placement, 1,000,000 Shares and Warrants to purchase an additional 1,000,000 common shares of the Company. Mr. Moore's total shareholdings now equate to 13.20% of the Company's issued and outstanding share capital. If all Warrants issued under the private placement are exercised, Mr. Moore will hold shares equating to 20.65% of the Company's issued and outstanding common shares.

Mr. Moore advises that the Shares and Warrants were acquired for investment purposes only. Mr. Moore may acquire more securities of the Company or dispose of some or all of his securities at any time in the future, although he advises he has no present intentions of doing either.





ON BEHALF OF THE BOARD OF DIRECTORS

"D. Neil Briggs"

DIRECTOR