News Sources Energy has signed a term sheet regarding the proposed strategic investment of geothermal drilling specialist Hydro Drilling.
The term sheet outlines a potential investment through a subscription of newly issued shares. The proposed investment will support New Sources’ energy transition strategy and critical raw materials opportunities.
The term sheet is principally non-binding and remains subject to:
- Satisfactory completion of legal, financial, technical and other due diligence
- Negotiation and execution of definitive transaction documentation
- Receipt of required corporate approvals
- Satisfaction of applicable conditions precedent
- Receipt of any required regulatory or third-party approvals.
New Sources will make further announcements if and when the investment is approved.