Financing To Fund North American Battery Materials Refinery
First Cobalt Corp. (TSXV: FCC) has closed a debt and equity financing for aggregate gross proceeds of approximately US$45 million to fund a battery materials refinery in Ontario.
“With the completion of this financing, the First Cobalt project team can now accelerate long lead equipment orders for our Canadian battery materials refinery as we pursue our vision of becoming the most sustainable producer of battery materials,”President and CEO, Trent Mell, said.
“Our immediate objective is to become the only producer of battery grade cobalt in North America by Q4 2022. Thereafter, we intend to produce nickel, cobalt, lithium and other battery materials from recycled lithium-ion batteries. Longer term, we are pursuing the creation of a Battery Park around our low-carbon hydrometallurgical refinery, which would include nickel sulphate production from primary feeds and lithium-ion battery precursor manufacturing.”
The company intends to use the aggregate net proceeds of the Offering for capital expenditures associated with the expansion and recommissioning of its wholly-owned hydrometallurgical refinery located in Ontario, Canada, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs.
CIBC World Markets Inc. acted as financial advisors to the company with respect to the Company’s refinery construction financing strategy.
In 2022, the company plans to commission North America’s only cobalt sulphate refinery, a critical asset in the development and manufacturing of batteries for electric vehicles. First Cobalt also owns the Iron Creek cobalt-copper project in Idaho, USA as well as several significant cobalt and silver properties in the Canadian Cobalt Camp.
For further information please visit: https://www.firstcobalt.com/