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