11:39 AM EDT, 07/29/2024 (MT Newswires) -- Homerun Resources ( HMRFF ) on Monday said it signed a letter of intent with Guidoni Brasil to acquire exploitation rights in the Belmonte silica district in Bahia, Brazil, for approximately $612,000 (2.5-million Brazilian reals).

"These additional assets, in the same geological formation of our existing assets, will increase our global competitive benefit from controlling one of the best HPQ silica sand districts in the world", chief operation officer Armando Farhate said in a statement.

Consent must be obtained from the Bahia state-owned company, CBPM (which granted the rights to Guidoni Brasil) before Homerun and Guidoni can sign the agreement to transfer the rights and obligations.

Homerun shares were last seen down $0.11 to $2.39 on the TSX Venture Exchange.

Price: 2.39, Change: -0.11, Percent Change: -4.40