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Thursday, 11/20/2014 6:15:24 PM

Thursday, November 20, 2014 6:15:24 PM

Post# of 1856
"...TORONTO, ONTARIO--(Marketwired - Nov. 12, 2014) - Kerr Mines Inc. ("Kerr" or the "Company") (TSX:KER) is pleased to announce that it has entered into two agreements (collectively, the "Agreements"), pursuant to which the Company has agreed to sell its interest in its Larder Lake Project for aggregate proceeds of approximately CDN$11 Million...."

http://mobile.tmxmoney.com/quote/readnews/?id=71615483&symbol=KER

CDN$1,250,000 payable to the Company on the date of closing;
CDN$750,000 payable to the Company 18 months from the date of closing; and
A 2% net smelter return royalty in favour of the Company on the properties. The purchaser shall have the right to purchase 1% of the royalty from the Company for the sum of CDN$1,000,000.
Pursuant to the terms of the second Agreement, the Company has agreed to sell its Bear Lake Gold Property and its remaining McVittie Township claims, in exchange for:

US$5,600,000 payable to the Company on the date of closing;
US$2,400,000 payable to the Company upon the occurrence of any of the following events:
sale of the property by the Purchaser;
sustained gold price increase equal to US$1,500 per ounce over a six month period;
establishment of 500,000 ounces of proven or probable reserves on the property;
completion of a feasibility study; or
secured production financing;

A 2% net smelter return royalty in favour of the Company on the properties. The purchaser shall have the right to purchase 1% of the royalty from the Company for the sum of CDN$1,000,000...."