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First Cobalt Advances Debt Financing
First Cobalt Advances Debt Financing Canada NewsWire TORONTO , Ma...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n \n \n \n First Cobalt Advances Debt Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n March 30, 2021\n \n /CNW/ -\n \n First Cobalt Corp.\n \n (TSXV: FCC) (OTCQX: FTSSF)\n \n \n (the \"Company\") is pleased to announce that it has entered into an exclusivity agreement with a leading financial institution (the \"Lender\") for\n \n US$45 million\n \n in debt financing to fund the capital cost relating to the recommissioning and expansion of the First Cobalt Refinery. The exclusivity period provides the basis for which the Lender will complete its remaining due diligence requirements prior to the negotiation of definitive documentations.\n \n \n \n \n \n \n \n \n \n The financing process, which is being led by CIBC Capital Markets, is expected to be completed prior to announcement of a formal construction decision. In\n \n December 2020\n \n , the Government of\n \n Canada\n \n and the Government of\n \n Ontario\n \n announced a joint\n \n $10 million\n \n investment in the First Cobalt Refinery to help accelerate commissioning and expansion.\n \n \n Permitting remains on schedule, supporting a commencement of construction in mid-2021. The Company's strong treasury has supported pre-construction activities, including procurement activities for long lead equipment orders.\n \n \n \n Trent Mell\n \n , President & Chief Executive Officer, commented:\n \n \n \n \"We are on track to achieving our goal of commencing construction in mid-2021 and full commissioning in the second half of 2022. Progression into an exclusivity phase for a debt facility without a royalty or stream represents a key milestone in securing the remaining capital needed to restart the First Cobalt Refinery and brings us one step closer to our vision of producing the world's most sustainable cobalt.\"\n \n \n \n \n About First Cobalt\n \n \n \n First Cobalt's mission is to be the most sustainable producer of battery materials. The Company owns\n \n North America's\n \n only permitted cobalt refinery, a critical asset in the develo...