Forge Resources Extends LOI with Aion Mining for Strategic Coal Investment

An update from Forge Resources ( (TSE:FRG) ) is now available.

Forge Resources Corp. has announced an extension of the exclusivity period for their non-binding letter of intent with Aion Mining Corp. until February 7, 2025. This agreement involves a proposed $5,000,000 transaction, including both cash and shares, and aims to maintain a controlling interest in Aion’s voting securities. The transaction is subject to customary conditions and further due diligence, and it highlights Forge’s strategic move to strengthen their position in the mining industry, particularly in coal development.

More about Forge Resources

Forge Resources Corp. is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located in the Yukon Territory of Canada. The company holds a 40% interest, with an LOI in place to acquire up to 60% interest in Aion Mining Corp., which is developing the La Estrella coal project in Santander, Colombia.

YTD Price Performance: 23.59%

Average Trading Volume: 7,240

Technical Sentiment Consensus Rating: Strong Sell

Current Market Cap: $40.29M

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