Formation Metals’ Bond Issuers Extend Date for Idaho Cobalt Project Credit Facility

Formation Metals Inc. (TSX:FCO) announced that the date has been extended for providing letters of credit to back the US$77.7 million raised in Federal Stimulus Program Recovery Zone Facility Bonds.

As quoted in the press release:

The Boards of Directors of the Bonds’ issuers, The Industrial Development Corporation of Lemhi County, and The Industrial Development Corporation of Shoshone County, Idaho, both met in special sessions on Tuesday to approve the extension. The original indentures are amended effective October 5, 2011 to provide that the Facility must have an effective date not later than November 21, 2011. The investment banking firm Thornton Farish Inc. is acting as the remarketing agent for the Bonds.

Click here to read the Formation Metals (TSX:FCO) press release. 

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