Kermode signs LOI to option 935 ha Knockout in B.C. Kermode signs LOI to option 935 ha Knockout in B.C.
2023-03-03 11:19 ET - News Release
Mr. Peter Bell reports
KERMODE SIGNS LOI FOR 911 KNOCKOUT PROJECT ON VANCOUVER ISLAND
Kermode Resources Ltd. has signed a non-binding letter of intent to option a collection of exploration projects as an exempt transaction within TSX Venture Exchange policy.
The total area of the project is approximately 935 hectares of mineral claims in British Columbia. The Knockout project comprises the following separate projects: the Maidan project covers 341 hectares with claim No. 1101659, 1101723 and 1101724; the Robertson River copper project covers 340 hectares with claim No. 1101059; and the Comego project covers 254.69 hectares with claim No. 1102760.
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 2 per cent with a buy-down of $2-million to reduce the royalty to zero. The sales participation right is set at 20 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 any of the projects.
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.
© 2023 Canjex Publishing Ltd. All rights reserved.