Kermode enters option to acquire Eastgate B.C. project
Kermode enters option to acquire Eastgate B.C. project
2023-06-22 16:13 ET - News Release
Mr. Peter Bell reports
KERMODE OPTIONS EASTGATE BC PROJECT
Kermode Resources Ltd. has optioned the Eastgate B.C. project as an exempt transaction within TSX Venture Exchange policy.
The total area of the project is approximately 42 hectares of mineral claims in British Columbia. The Eastgate B.C. project is composed of one claim No. 1104223.
To earn 100-per-cent ownership of the project, Kermode must assign the vendors a net smelter return royalty and a sales participation right as described below. The net smelter return royalty is set at 5 per cent with a buydown of $5-million to reduce the royalty to zero. The sales participation right is set at 25 per cent for a period of 10 years, where the right is calculated as a percentage of the gross proceeds from any transaction whereby Kermode sells any interest in the project.
There are no exploration spending commitments, share payments or cash payments.
About Kermode Resources Ltd.
Kermode is a junior mining company hunting for exploration opportunities around the world.
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