Kermode increases Black Panther option LOI to 2,163 ha Kermode increases Black Panther option LOI to 2,163 ha
2023-08-01 12:41 ET - News Release
Mr. Peter Bell reports
KERMODE UPDATES LOI FOR BLACK PANTHER PROJECT ON VANCOUVER ISLAND
Kermode Resources Ltd. has updated the proposed deal terms for the Black Panther property purchase option. The Black Panther project has been expanded to cover total size 2,163 hectares, with claims 1098465, 1103723, 1104637, 1098514, 1098836, 1103854 and 1106076.
The total share issuance has increased to 48 million shares, with the following schedule:
- 12 million shares on the effective date;
- An additional 12 million shares on or before 12 months following the effective date;
- An additional 12 million shares on or before 24 months following the effective date;
- An additional 12 million shares on or before 36 months following the effective date.
The net smelter return royalty has increased to 3 per cent, with a $6-million buy-down, and the sale participation right shall be 30 per cent of gross proceeds received by Kermode from any future sale or disposition of any interest in the property in the next 10 years.
About Kermode Resources Ltd.
Kermode is a junior mining company hunting for exploration opportunities around the world.
We seek Safe Harbor.
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