Term Sheet with Major Mining Company Moving Shares on Monday

By: Dylan Sikes – AllPennyStocks.com News

Monday, November 4, 2024

A property in British Columbia has the potential to be a major nickel source, and news that a major metal mining company has entered into a nonbinding term sheet is sending shares of this junior miner higher, even as the broad market moves lower.

Inomin Mines (TSXV: MINE) is focused on the identification, acquisition, and exploration of mineral properties with strong potential to host significant resources, especially critical minerals, as well as gold and silver projects. Today, the company announced in a press release that it has entered into a non-binding term sheet with Sumitomo Metal Mining Canada Ltd. dated November 1, 2024. The term sheet sets forth the key terms of a proposed earn-in and joint venture agreement to be entered into on the company's Beaver-Lynx project in south-central British Columbia. The non-binding Term Sheet provides Sumitomo the right to earn up to an 80 percent interest in the project's mineral claims by incurring a minimum of $8,000,000 in exploration expenditures.

Sumitomo is conducting due diligence on the claims of the Beaver-Lynx, and upon successful due diligence, the parties will work towards finalizing and executing a Definitive Agreement. Shares of Inomin were trading higher in afternoon trade.

Copyright © 2024 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.