Homerun Resources (HMR.V) received a signed letter of intent (LOI) from a potential project financier to advance its Solar Glass project in Bahia, Brazil, it said Tuesday.
The company said the facility contemplates a loan tenor of up to 14 years starting from the commissioning date. The facility also enables lenders to provide long-term financing aligned with the project life cycle at "very competitive pricing".
The final commitment will be subject to detailed due diligence, and approvals from certain credit committees, it added. The identity of this party will remain undisclosed at this time, in accordance with confidentiality agreements, the company said.
Homerun Resources expects the contemplated facility to align with the equipment package component of its bankable feasibility study for the Solar Glass project, which has been preliminarily estimated at about 170 million euros within a total forecast capital cost of nearly $400 million.
Shares of the company were last seen unchanged at C$0.54 on the TSX Venture Exchange.