Business
Strategic Funding Partner for Orom-Cross
Strategic Funding Partner for Orom-Cross.
About this update from Blencowe Resources Plc
[{"type":"text","content":"\n\nDate: 27 April 2023 Blencowe Resources Plc\n (\"Blencowe\" or the \"Company\")\n \n \nStrategic Funding Partner for Orom-Cross Graphite Project\nDevelopment Finance Corporation (\"DFC\") engaged to fund 50% of Project Definitive Feasibility Study (\"DFS\") costs by way of a Technical Assistance Grant\n \nHighlights:\n· Blencowe passes key hurdle for engagement with US project development financial institution, the DFC.\n· US International Development Finance Corporation is America's leading development finance institution that partners with the private sector to provide finance solutions for project development in markets deemed as critical.\n· DFC geared to provide funding assistance for Orom-Cross as part of the US Government's strategic drive for further access to critical minerals and metals, within its wider renewables strategy.\n· Orom-Cross has successfully passed through the key Project Screening test within DFC, with both Parties now moving to a binding Grant Agreement.\n· Blencowe is seeking up to US$4.5 million as a Technical Assistance Grant (\"TAG\") for Definitive Feasibility Study costs for the Orom-Cross Graphite Project (\"Project\").\n· As part of the Grant Agreement DFC will require a right of first refusal (\"ROFR\") on debt finance for the full project implementation, which would give Blencowe a potential funding solution ahead with a major financial institution.\n \nBlencowe Resources Plc (\"Blencowe\" or the \"Company\") (LSE: BRES) is pleased to announce it has passed the key Screening hurdle within the DFC in order to move forward to secure a substantial Technical Assistance Grant.\nThe process now moves to a Grant Agreement and other final requirements to complete this funding solution. The TAG under consideration fo...