Business
Critical Elements Corp. Receives C$3 Million from HELM AG
MONTREAL, QUEBEC--(Marketwired - June 14, 2017) - Critical Elements Corporation (the "Corporation" or "Critical Elements") (TSX VENTURE:CRE) (OTCQX:CRECF) (FRAN
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - June 14, 2017) - Critical Elements Corporation (the \"Corporation\" or \"Critical Elements\") (TSX VENTURE:CRE) (OTCQX:CRECF) (FRANKFURT:F12) is pleased to announce that it has closed $3 million, representing the second and third drawdowns on the credit facility entered into with HELM AG on June 28, 2016. \"We are proud and very pleased to be partnered with HELM AG. Their technical and financial participation is proving to be a decisive factor in the success of the Rose lithium-tantalum project. We will soon publish the final feasibility study for the Rose lithium-tantalum project, which is an important milestone in the project's development,\" said Steffen Haber, President of the Corporation. The material terms of the collaboration agreement with HELM AG, announced on September 9, 2015, are as follows: Take or pay off-take agreement Subject to the take or pay off-take agreement to be executed by the parties, HELM AG has the sole and exclusive right to purchase all of the produced products including spodumene concentrate (technical and chemical grade), all lithium chemicals (carbonate, hydroxide, chloride), mica and tantalum concentrate (collectively, the \"Products\"). The parties will use their commercially reasonable efforts to finalize and execute the take or pay off-take agreement by no later than 60 days following the completion of the feasibility study. Under the collaboration agreement, and subject to certain conditions, notably the exercise of the Financing Option (as defined below), HELM AG was also granted a right of first refusal to become the exclusive off-taker for all Products on any of the future projects of Critical Elements (or its affiliates). Feasibility study HELM AG agreed to collaborate with, assist and provide technical support to Critical Elements for the preparation and completion of the feasibility study. HELM AG also agreed to provide logistical and sales support to Critical Elements in relation to the distribution and sale of all future mineral products to be produced from the Rose project. Project financing As consideration for HELM AG's covenants and undertakings under the collaboration agreement, Critical Elements agreed to grant HELM AG an option to acquire an ownership interest of up to 25% in the Rose project by committing to pay for a portion of the mine constr...