HPX and Fjordland Execute a Non-Binding Term Sheet for a Proposed Private Placement and Concurrent Funding for the South Voisey’s Bay Nickel-Copper-Cobalt Project in Labrador. The non-binding term sheet forms the basis for establishing a strategic partnership between HPX and Fjordland Exploration Inc. (TSX-V: FEX). Under the term sheet, HPX, through an affiliate, would purchase 14 million Units of the Private Placement at a price of $0.10 per Unit for a total HPX subscription of $1.4 million. HPX also would fund, on behalf of Fjordland, the next $7.4 million of exploration expenditures and cash payments of $290,000, required to be made by Fjordland under its obligations under the South Voisey’s Bay Letter Of Intent with Commander Resources Ltd. (“Commander”) described below. The transactions with HPX remain subject to completion of HPX’s due diligence investigations and to the execution of definitive binding agreements. Fjordland has provided HPX a 60 day exclusivity period to complete these matters, although they are far advanced, and both parties are targeting execution of definitive binding agreements on or about September 5, 2017.
For more information please see Fjordland’s news release.