Formation Metals Inc. (TSE:FCO) reports that it has closed $77.7 million bond issue for the Idaho cobalt project.
The press release is quoted as saying:
Proceeds from the sale of the bonds are to be used exclusively for the development of its 100% owned Idaho Cobalt Project (“ICP”). Formation continues to work to secure credit approval for long term bank financing (see news release dated November 30, 2010) and raise the additional capital required to complete construction of the ICP. The capital costs of the project are estimated in the ICP feasibility study at $138.7 million.