- Hilo Mining (HILO) has signed a non-binding letter of intent with Capella Minerals Limited
- The LOI stipulates that Capella and Hilo will have 30 days to negotiate a definitive earn-in agreement
- Under the definitive earn-in-agreement, Hilo may earn up to an 80-per-cent interest in Capella’s 100-per-cent-owned lithium-cesium-tantalum pegmatite and rare-earth element reservations located in central southern Finland
- Hilo Mining Ltd. is a junior mining company currently focused on the Champ precious metal property near Castlegar, British Columbia
- Hilo Mining Ltd. (HILO) opened trading at $0.32 per share
Hilo Mining (HILO) has signed a non-binding letter of intent with Capella Minerals Limited.
The LOI stipulates that Capella and Hilo will have 30 days to negotiate a definitive earn-in agreement.
Under the agreement, Hilo may earn up to an 80-per-cent interest in Capella’s 100-per-cent-owned lithium-cesium-tantalum pegmatite and rare-earth element reservations located in central southern Finland.
Upon making cash payments of $200,000, issuing 500,000 common shares and incurring $700,000 in expenditures on the property, Hilo will earn a 51-per-cent interest in the Property.
Hilo may make additional cash payments of $300,000, issue an additional 1,500,000 common shares and incur an additional $1,300,000 in expenditures in order to earn an additional 29 per cent interest in the Property (for a total of 80 per cent).
“I’m pleased to announce the execution of this Letter of Intent and look forward to negotiating the earn-in agreement with Capella,” said Jeremy Poirier, Chief Executive Officer of the company.
“I’m excited about the prospect of an acquisition of a Property that would potentially allow Hilo to participate in the global electrification and decarbonization process,” he added.
In addition, the company has issued an aggregate of 800,000 restricted share units (RSUs) to its directors, officers and consultants.
Hilo Mining Ltd. is a junior mining company currently focused on the Champ precious metal property near Castlegar, British Columbia.
Hilo Mining Ltd. (HILO) opened trading at $0.32 per share.