Laredo Oil Signs First LOI for Commercial UGD Deployment in Argentina
LRDC has more than doubled off its 52-week low of $0.2.
Summary
Laredo Oil signed its first non-binding LOI with an Argentine operator to deploy its UGD technology commercially. The deal includes a 180-day exclusivity period and Laredo funding development costs, recovering investment from incremental production. This is a major milestone for the company, which has been struggling with going concern doubts and a $7.97M net loss. The LOI is non-binding and subject to due diligence, financing, and definitive agreements, but it provides a potential pathway to revenue. Watch for execution of definitive agreements and financing arrangements.
At the time of this announcement, LRDC was trading at $0.63 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $54M. The 52-week trading range was $0.20 to $0.93. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.