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Tuesday, August 21, 2018 10:57:52 AM
Under the first agreement, the company will sell Kerr Addison property, McGarry mine property and the additional McGarry Township claims.
It will receive C$1,250,000 on closing, C$750,000 after 18 months of closing and a 2% net smelter return royalty on the properties.
Kerr will sell its Bear Lake gold property and the remaining McVittie Township claims under a second deal for $5.6m upon closing. The agreement also accounts for $2.4m on sale of the property by the purchaser or if gold price increases $1,500 per ounce in six months, if 500,000oz of proven or probable reserves are established on the property, the completion of a feasibility study, or if production financing is secured.
Kerr Mines will also receive a 2% net smelter return royalty on the properties and the purchaser may buy 1% of the royalty for C$1m.... »
https://www.mining-technology.com/news/newsdeals-this-week-greenflag-ventures-kerr-mines-miranda-gold-and-more-4439753/
$11,000,000 million Canadian in aggregate proceeds? Kerr Mines needs to be more transparent regarding large financial transactions IMHO
https://kerrmines.com/kerr-mines-sells-remaining-northern-ontario-land-package-bolsters-shareholder-value/
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