Sola Resource Corp. said that it completed a non binding Letter of Intent or LOI to acquire 30% of Amazon Resources Ltd and an option to acquire a further 55%, totalling at least 85%.
Sola proposes to acquire an initial 30% of Amazon by way of an offer to the shareholders of Amazon. The offer will include an option to acquire a further minimum 55%. The total percentage potentially being acquired will be a minimum 85% – 100% of Amazon.
Sola Director Andrew Male reported that this LOI and potential acquisition falls in line with the plans that Sola's management have recently undertaken and that is to acquire revenue producing opportunities with an exploration halo to enable an extensive step out opportunity.
