- Hanna Capital Corp. (HCC) has signed a letter of intent with Spectrolite Investments (Pty) Ltd., an arm’s-length private Namibian company
- Under the LOI, the corporation has the option to acquire up to 60 per cent of the issued and outstanding securities of Spectrolite
- One of the conditions is that Hanna Capital and Spectrolite will enter into a loan agreement under whose terms Hanna Capital will provide Spectrolite a loan in the aggregate amount of up to US$2,000,000.00
- Hanna Capital Corp is a Canada-based exploration-stage junior resource company
- Hanna Capital Corp. was unchanged at $0.02 at 11:32 AM ET
Hanna Capital Corp. (HCC) has signed a letter of intent with Spectrolite Investments (Pty), a private Namibian company.
Under the LOI, the corporation has the option to acquire up to 60 per cent of the issued and outstanding securities of Spectrolite.
There are some conditions that Hanna Capital must meet before it can acquire the shares of Spectrolite.
One is that Hanna Capital and Spectrolite will enter into a loan agreement under whose terms Hanna Capital will provide Spectrolite with a loan in the aggregate amount of up to US$2,000,000.00.
The proceeds of the loan shall be used solely to fund the mining activities on Spectrolite’s exclusive prospecting licences.
The second condition is the execution of a royalty agreement whereby Hanna Capital will be paid a five-per-cent royalty until the loan is repaid in full.
The third condition is the completion of due diligence on Spectrolite’s various projects and properties by Hanna Capital.
Upon the completion of its due diligence, Hanna Capital will prepare a geological report compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Projects concerning the targeted properties.
The corporation’s due diligence is currently underway to test the legal and technical aspects of the targeted properties.
The corporation has investigated the prospects of acquiring certain mineral rights in Namibia.
Hanna Capital Corp is a Canada-based exploration-stage junior resource company.
Hanna Capital Corp. was unchanged at $0.02 at 11:32 AM ET.