Business
First Cobalt Receives $10 Million Investment from Federal and Provincial Governments
First Cobalt Receives $10 Million Investment from Federal and Provincial Governments ...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n \n \n \n First Cobalt Receives $10 Million Investment from Federal and Provincial Governments\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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n TORONTO\n \n ,\n \n Dec. 16, 2020\n \n /CNW/ - First Cobalt Corp. (TSXV: FCC) (OTCQX: FTSSF) (the \"Company\") is pleased to announce that it has signed contribution agreements and will be the recipient of\n \n $10 million\n \n in public funding from the Government of\n \n Canada\n \n and the Government of\n \n Ontario\n \n . This critical funding will allow the Company to accelerate the commissioning and expansion of its Refinery in\n \n Northern Ontario\n \n , attract new investment, and execute against its strategic business plan.\n \n \n Key terms under the agreements with both governments are as follows:\n \n \n \n Government of\n \n Canada\n \n :\n \n $5 million\n \n interest-free loan, through the Federal Economic Development Initiative for\n \n Northern Ontario\n \n \n \n Government of\n \n Ontario\n \n :\n \n $5 million\n \n non-repayable grant, through the Northern Ontario Heritage Fund Corporation\n \n \n This combined strategic investment, totaling\n \n $10 million\n \n , will enable First Cobalt to recommission and expand its cobalt refinery north of\n \n Toronto\n \n \n \n Once complete, the facility will be the first of its kind in\n \n North America\n \n , capable of producing 25,000 tonnes of battery-grade cobalt sulfate annually, which could represent five percent of the global market for refined cobalt\n \n \n \n \n All amounts in this news release are in Canadian dollars unless otherwise indicated.\n \n \n \n First Cobalt's refinery project has an estimated capital cost of\n \n $77 million\n \n (\n \n US$60 million\n \n ), including Federal and Provincial contributions totaling\n \n $10 million\n \n . This support will help secure well-paying, long-term jobs in\n \n Northern Ontario\n \n .\n \n \n The Refinery adds another significant piece to the automotive supply chain in\n \n Canada\n \n , following recent announcements by both levels of government in support o...