A Vancouver-based micro cap announced today that the company has executed a letter of intent (LOI) for the option to purchase up to a 100% interest in the Zé Manoel Project in Goiás State, Brazil, according to the release. Shares of Homerun Resources Inc. (TSX-Venture:HMR.H) rallied strongly on the news.
Homerun Resources is engaged in providing environmental remediation solutions through the culmination of a series of transactions in the hydrocarbon remediation sector. The company operates only in Canada.
Traders were apparently bullish on the news as shares trading on the TSX-Venture Exchange went on to close up at $0.195/share (+18.18%). This move is a strong continuation of the success this stock has had over the last month.