Kermode Resources options Gold Rush project in B.C. Kermode Resources options Gold Rush project in B.C.
2024-01-11 12:11 ET - News Release
Mr. Peter Bell reports
KERMODE OPTIONS GOLD RUSH PROJECT ON VANCOUVER ISLAND
Kermode Resources Ltd. has initiated a property purchase option agreement for the Gold Rush project in British Columbia as an exempt transaction in TSX Venture Exchange policy.
The asset to be acquired comprises an early-stage exploration project with one mineral claim covering approximately 405 hectares in the province of British Columbia under the claim No. 1109675.
The parties to the agreement are: Justin Deveault, Michael Deveault, Justin McNutt and Bill van Osterom. The vendors are arm's length to Kermode.
The proposed consideration and method of payment are as follows:
Terms of the purchase option:
- No shares of Kermode payable at any time;
- A single cash payment of either:
- $50,000 on or before second anniversary;
- $100,000 on or before the fourth anniversary.
Other terms and conditions:
- 1-per-cent net smelter return royalty payable to the owners, which can be bought down to zero for $1-million entirely or in part at any time;
- 10-per-cent sales participation right payable for any transaction in the following 10 years equally to each of the owners.
There are no finder's fee to be paid. There are no relationships involving any non-arm's-length party and Kermode.
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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