UPDATE: Homeland Energy Inks Sale Agreement for Kendal Property; Shares Plummet to New 52-Week Lows

By MidnightTrader.com Staff,

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Homeland Energy Group Ltd. (HEG.TO) has entered into heads of agreement pursuant to which Joe Singh Group of Companies (Pty) Ltd. will acquire a 100% interest in the Kendal Colliery, including the wash plant and all mining rights, through the purchase of all of the issued and outstanding common shares of Ferret Coal (Kendal)(Pty)(Ltd.). The total purchase price for the assets is ZAR235 million (approximately $25.7 million).

HEG dipped to a new 52-week low of $0.005 by 50%, with volumes of about 121,000.

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