01:08 PM EDT, 10/07/2024 (MT Newswires) -- Military Metals ( MILIF ) said Monday it signed a binding Letter of Intent (LOI) to acquire a private company holding three brownfield projects in Slovakia, including two antimony-focused properties and one tin project.

The assets include the Trojarova Antimony Project and the Medvedi Tin Project, both containing historical resources dating back to the Soviet era. As part of the transaction, Military Metals ( MILIF ) will issue 10-million shares, valued at $5.6 million, to the seller. Military aims to finalize a definitive agreement and close the acquisition by the end of this month.

"This acquisition strategically positions Military Metals ( MILIF ) as a leading explorer and developer of antimony," said chief executive Scott Eldridge. "The Trojarova and Tienesgrund projects offer significant potential for rapid advancement, particularly given Slovakia's strong mining infrastructure and history. We see this as a perfect alignment with the European Union's Critical Raw Materials Act, opening the door to potential EU funding sources as we advance these projects toward production."

The company's shares were last seen up $0.03, to $0.78, on the Canadian Securities Exchange.

Price: 0.77, Change: +0.02, Percent Change: +2.67