Kermode Resources Ltd. announced a non-brokered private placement for issuance of up to 5,000,000 units at a price of CAD 0.02 per unit for gross proceeds of up to CAD 100,000 on April 5, 2024. The units shall consist of one common share and one common share purchase warrant. The warrant shall be exercisable to acquire one common share at a price of CAD 0.05 per warrant share for a period of 36 months from the closing of the offering with no accelerator conditions.

The completion of the private placement is subject to acceptance by the TSX Venture Exchange. The company may pay a finder?s fee in cash, shares, and warrants to certain eligible finders. The amount shall be 10% of the aggregate gross proceeds raised from those purchasers introduced by such finders payable in cash and 25% payable in broker warrants, which is the maximum amount of broker warrants payable under Section 3.4 of Policy 5.1 of TSX Venture Exchange.

Each broker warrant shall entitle the holder to purchase one common share at an exercise price of CAD 0.05 per share for a period of 36 months following the closing. The offering is anticipated to close on or about June 3, 2024, or such later date as the company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

The transaction will include participation from insiders of the company. All securities issued in connection with the offering will be subject to a four-month and one-day hold period under applicable securities laws.