Kermode Exploration Ltd.

March 04, 2010 17:20 ET

Kermode Exploration Announces Reactivation

TORONTO, ONTARIO--(Marketwire - March 4, 2010) - Kermode Exploration Ltd. ("Kermode" or the "Company") is pleased to announce that the Ontario Securities Commission has lifted the Cease Trade Order to which the Company has been subject since 2008. Management of the Company intends to reactivate the Company as a resource issuer. The following is the Company's proposed plan of reactivation:

(1) the Management of the Company will use its best efforts to complete a working capital financing as soon as possible to provide it with sufficient working capital to pay its liabilities, fund operating expenses and provide funds for the acquisition of resource properties. The Company will be seeking suitable resource properties to further its business goal of building a resource company; and

(2) the Company will be holding an Annual and Special Meeting of Shareholders on or before June 1, 2010 to, among other things, elect additional directors, appoint auditors, approve a 10% rolling stock option plan, change the name of the Company, amend the Articles and By-Laws of the Company and to present audited financial statements to the shareholders for the last three years.

Management is currently comprised of John Devine, President and a director, Michael Shunock, Secretary and a director and Arthur Post, a director. 

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Contact Information

  • Kermode Exploration Ltd.
    John Devine
    President and C.E.O.
    (416) 491-3790