Nov 26, 2003
Kermode Resources is pleased to announce that it has closed the following previously announced non-brokered private placements.
The company has issued 2,666,667 flow through common shares at a price of $0.30 per share for total proceeds of $800,000. The shares will be subject to a four month hold period expiring on March 26, 2004 173,334 non flow through common shares have been issued as a finder's fee in connection with this private placement.
The company has also issued 909,500 units at a price of $0.275 per unit, for proceeds of $250,000. Each unit consists of one common share and one-half share purchase warrant, each whole warrant entitling the holder to acquire one additional common share of the Company for a period of two years from closing at a price of $0.35 per share until November 26, 2005.The units are subject to a four month hold period expiring on March 26, 2004. If at any time following the expiration of the hold period, the closing price of the Issuer's common shares is at least $0.70 per share for 10 consecutive trading days , the Company shall have the right to notify the purchaser that the expiry date for the exercise of the Warrants will be shortened to 30 days. 75,403 common shares have been issued as a finder's fee in connection with this private placement.
Total proceeds of $1,050,000 will be used to commence the Company's drill program on its Jackson's Arm gold property in Newfoundland as well as general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
"D. Neil Briggs"
No Stock Exchange Has Approved or Disapproved The Information Contained Herein