11:42 AM EST, 12/02/2024 (MT Newswires) -- Northstar Clean Technologies ( ROOOF ) on Monday said signed a letter of intent (LIO) for a long-term lease of an industrial-zoned property in Hamilton, Ontario, for a planned asphalt-shingle recycling facility in southwestern Ontario.

The LOI, with a subsidiary of the Hamilton-Oshawa Port Authority (HOPA), is for an initial 15 years, with three extension options of five years each. Commercial terms are based on the provision of a suitable operating building for Northstar in addition to a four-acre site.

"We are excited to make our first public announcement regarding our expansion into Ontario. The future site of the Empower Hamilton Facility, with our long-term landlord, HOPA, is an ideal location for our first commercial facility in Ontario and we look forward to making a meaningful difference to southern Ontario's landfills by diverting between 40,000 to 80,000 tonnes of asphalt shingle waste every year," Aidan Mills, Northstar's chief executive, said.

Northstar shares were last seen up $0.02 to $0.31 on the TSX Venture Exchange.

Price: 0.31, Change: +0.02, Percent Change: +6.90