Saturday, May 10, 2025

First Cobalt Enters Exclusive Talks For US$45 Million Debt Financing

First Cobalt (TSXV: FCC) is one step closer to beginning construction on its cobalt refinery in Ontario. The company this morning announced that it has entered into an exclusivity agreement for debt financing.

The agreement, entered into with an unnamed lender, is for US$45 million in debt financing. The debt is expected to cover the capital costs related to the recommissioning and expansion of the firms cobalt refinery. The arrangement effectively allows for a due diligence period to occur before negotiations for a final definitive arrangement are conducted.

While the lender was unnamed, the entire financing process for the facility is currently being led by CIBC Capital Markets. The process as a whole is being performed by the company before a formal construction decision for the facility is completed.

Permitting is currently underway despite this decision as of yet being made, with construction eligible to begin in mid 2021, with full commissioning being achievable in the latter half of 2022.

First Cobalt last traded at $0.37 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

First Cobalt Announces 4,500 Metre Drill Program At Iron Creek

First Cobalt Corp (TSXV: FCC) this morning announced an exploration program at its Iron Creek...

Thursday, June 24, 2021, 07:38:12 AM

First Cobalt: Rising Chinese Restrictions Could Be A Net Benefit To The Company

China’s recent movements to limit its companies’ abilities to export rare earth materials to the...

Sunday, January 31, 2021, 01:02:00 PM

Electra Secures Game-Changing Department of Defense Contract

In this interview, Trent Mell, CEO of Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM),...

Wednesday, August 28, 2024, 02:57:00 PM

US Government Invests $20 Million in Canadian Cobalt Refinery

The US Department of Defense has awarded $20 million to Canada’s Electra Battery Materials Corp....

Tuesday, August 20, 2024, 02:40:00 PM

Anglo Pacific Acquires Cobalt Stream For US$205 Million

Anglo Pacific (TSX: APY) this morning completed the acquisition of a 70% interest in a...

Friday, March 12, 2021, 08:03:49 AM