- Homerun Resources Inc. (HMR) has signed a letter of intent to purchase the Tatooine Silica Project for approximately $496,000
- The payment, a mix of cash and common shares, has been broken up over a four-year period
- The project has excellent access, nearby infrastructure, and relevant resources
- Homerun Resources Inc. (HMR) is up 8.33 per cent and is trading at $0.13 per share as of 3:36 p.m. ET
Homerun Resources (HMR) has signed an LOI to purchase up to a 100 per cent interest in the Tatooine Silica Project in B.C. for approximately $496,000.
The LOI outlines the general terms of a purchase option agreement with ClaimHunt Inc. for the purchase of the Tatooine Silica Project.
In order for Homerun to complete the purchase, it needs to make a cash payment of $7,500 and issue 250,000 of its common shares to ClaimHunt.
Homerun will issue another 300,000 common shares by the first anniversary of the agreement and spend a cumulative $100,000 in work costs. It will issue an extra 300,000 common shares on the second, third, and fourth anniversary of the agreement with $200,000 more spent on work expenses.
According to the company, the Tatooine Silica Project covers an area of approximately 3,019 hectares and is nearby the Moberly Mine. It is a past-producing high-purity silica mine in the same lithological unit as Tatooine.
The Tatooine Silica Project has excellent access, nearby infrastructure, and relevant resources. A transmission line is nearby along the Columbia River, and BC Highway 95 traverses the western edge of the property.
Homerun Resources Inc. (HMR) is up 8.33 per cent and is trading at $0.13 per share as of 3:36 p.m. ET.