|KERMODE RESOURCES LTD. : http://www.kermode.com/ : QwikReport|
The option is exercisable over a period of 3 years but may be accelerated at Kermode's discretion. To exercise the option, Kermode must pay an aggregate of $35,000 in cash, issue an aggregate of 500,000 common shares in the capital of Kermode, and expend an aggregate of $225,000 on the planning, development and execution of a work program based on a mutually approved budget, over the next 3 years. The Option Agreement is subject to TSX Venture Exchange ("TSXV") acceptance. All shares issued pursuant to the Option Agreement will be subject to resale restrictions under applicable securities legislation and the rules of the TSXV.
Kermode also announces that its board of directors has approved the settlement of up to $250,000 of debt (the "Debt Settlement") through the issuance of common shares of the Company. Pursuant to the Debt Settlement the Company will issue up to 25,000,000 common shares of the Company at a deemed price of $0.01 per share to certain creditors of the Company in full satisfaction of the debt owed. The Debt Settlement is subject to TSXV acceptance. All shares issued pursuant to the Debt Settlement will be subject to resale restrictions under applicable securities legislation and the rules of the TSXV.
Kermode further announces a non-brokered private placement of up to 20,000,000 common shares at $0.01 per share for gross proceeds of up to $200,000. The proceeds will be used toward the $35,000 option payment and the initial 12 months of work on the Vidette Lake project, and for general working capital purposes. Completion of the private placement is subject to acceptance by the TSXV. All shares issued pursuant to the private placement will be subject to resale restrictions under applicable securities legislation and the rules of the TSXV.
The option to acquire the Vidette Lake project amounts to a "fundamental acquisition" under TSXV policies, and as such trading of Kermode's shares on the TSXV has been halted and will remain halted until Kermode has made adequate filings with the TSXV and the TSXV resumes trading.
Don Moore, CEO of Kermode noted "Kermode is continuing to focus on gold exploration and along with the Vidette property option, is actively seeking new projects."
Donald G. Moore
CEO and Director
D. Neil Briggs
Forward-Looking Statements: This News Release may contain certain "forward-looking" statements and information relating to Kermode which are based on the beliefs of Kermode's management, as well as assumptions made by and information currently available to Kermode's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. There is no assurance any of the shares-for-debt settlements, private placement or property option will occur on the terms as outlined above, or at all.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
|71 KB, approx. 14 seconds at 56.6Kbps|
Peter has worked as an independent investor and analyst in the junior mining sector since 2016 and is trained in applied mathematics with a M.Sc. from the University of British Columbia.
Don Moore, director and CEO of Kermode Resources states: "In 2018 Mr. Bell was instrumental in the sale of the Rattling Brook project for Kermode. Since that time he has taken a keen interest in Kermode and has been actively seeking further opportunities for the Company. We are looking forward to working with Peter and the new perspective he brings to the board."
Peter Bell states: "I look forward to working with the team to benefit Kermode shareholders. I have been following junior mining stocks since I was a teenager and have been actively seeking to improve the quality of dialogue online around them. Joining the Kermode board allows me to find new opportunities for Kermode going forward."
The Company also announces the resignation of Steven Chan as a director effective immediately. The Company thanks Mr. Chan for his service and wishes him success in his future endeavours.
For further information visit our website at www.kermode.com or contact:
Donald G. Moore
CEO and Director
D. Neil Briggs
|91 KB, approx. 18 seconds at 56.6Kbps|
"Kermode Resources has initiated the first move in the process of moving on after a long period of hibernation. This asset has been a cornerstone asset of our company for many years and will be a benefit to Anaconda Mining. Between 1986 and 2008, we drilled approximately 130 of the 183 holes used to establish a NI 43-101 compliant resource estimate of 495,000 ounces of gold. While it was a difficult decision to sell this asset, this deal gives us the opportunity to focus on the Eastgate Gold Project in Nevada, which we intend to consolidate and advance." says Don Moore, CEO and Chairman of Kermode Resources.
Transaction terms: Anaconda Mining acquired 100% of the Jackson's Arm Gold Deposit with no residual interest held by Kermode Resources.
Anaconda Mining paid Kermode Resources an initial cash payment of $25,000 and $500,000- equivalent of ANX common shares, equal to 1,113,218 common shares ("Consideration Shares") based on the twenty-day volume weighted average trading price ending as of January 24, 2018. Anaconda Mining will also pay Kermode Resources an additional cash payment of $25,000 on February 26, 2018. The Consideration Shares are subject to a hold period which will expire on May 27, 2018 in accordance with the rules and policies of the Toronto Stock Exchange and applicable Canadian securities laws and are also subject to further transfer restriction pursuant to the terms of the transaction.
About Eastgate Gold Project: Kermode Resources currently owns 15% of the Nevada Eastgate Gold Project, which has an extensive history of gold mining and exploration. Eastgate features a well- developed but largely untested hydrothermal system. The exploration objective is to define a high- grade, low sulphidation epithermal gold-silver deposit. The target has never been systematically tested at depth or along strike. The company's primary objective is to consolidate ownership of the project.
ON BEHALF OF THE BOARD
"D. Neil Briggs"
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
|98 KB, approx. 19 seconds at 56.6Kbps|
|404 KB, approx. 1 minute, 16 seconds at 56.6Kbps|
|414 KB, approx. 1 minute, 18 seconds at 56.6Kbps|
|Copyright © 2020 by Kermode Resources Ltd. All rights reserved worldwide.|