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Critical Elements Lithium Corporation Announces Receipt of Support Letter for up to US$115 Million From Leading Financial Institution
MONTRÉAL, QC / ACCESS Newswire / February 10, 2025 / Critical Elements Lithium Corporatio...
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"Critical Elements Lithium Corporation Announces Receipt of Support Letter for up to US$115 Million From Leading Financial InstitutionMONTRÉAL, QC / ACCESS Newswire / February 10, 2025 / Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) (\"Critical Elements\" or the \"Corporation\") today announced receipt of a support letter from a leading Canadian financial institution stating its interest in providing long term debt financing of up to US$115 million (approximately C$150 million) of project debt, for the development of the Rose Lithium-Tantalum project in Québec. Terms and conditions (including pricing) will be subject to further due diligence and discussions with lenders, lenders advisors, Critical Elements and its financial advisors.Jean-Sébastien Lavallée, Chief Executive Officer of Critical Elements, said, \"We are very pleased with this additional indication of interest as it marks an important step towards advancing our financing package for the Rose Project. Management remains committed to securing an optimal outcome for the Rose Project's financing and development. Investors can be assured of a continued interest from potential partners, and that the Corporation believes that the process is progressing positively. We will update the market with new information, including potential additional financing indications of interest and other developments, and appreciate your continued support and patience as we work towards a mutually beneficial financing package and partnership.\"About Critical Elements Lithium CorporationCritical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high purity Rose Lithium-Tantalum project in Québec, the Corporation's first lithium project to be advanced within a land portfolio of over 1,050 km2­. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts go...