Junior Comet Resources has inked a binding heads of agreement with privately held El Alamo Resources over the Santa Teresa gold project, in Mexico, while also executing a non-binding term sheet for a $20-million gold streaming and royalty finance.
Comet on Thursday told shareholders that the acquisition of the Santa Teresa project would be completed in stages, with the company acquiring the first 50% interest on the satisfaction of a due diligence and the completion of an initial $6-million in financing from Raptor Capital International.