Kerr Mines Inc (KER)

[goldenpolarbear]

« ... Kerr Mines has signed two agreements to sell its interest in its Larder Lake project for aggregate proceeds of approximately C$11m.

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/

« ...Gold prices climbed Tuesday to settle at the closely watched $1,200 level, after U.S. President Donald Trump’s comments on Federal Reserve policy hurt the dollar.

The greenback weakened against major rivals Tuesday, helping to boost demand for dollar-denominated yellow metal, a day after Trump criticized Fed Chairman Jerome Powell for delivering interest-rate increases.... »

https://www.marketwatch.com/story/gold-tries-to-push-back-above-1200-with-back-to-back-gains-2018-08-21