Formation Metals Inc. (TSE:FCO) reports an update on its Idaho Cobalt project.
The press release is quoted as saying:
The above engineering, procurement and construction efforts also included project engineers working closely with the engineering due diligence team of the Company’s mandated lead arranger for a senior secured debt facility. The mandated lead arranger (see November 30, 2010 Company news release) is expected, in due course, to provide a form of credit facility supporting the tax exempt recovery zone facility bonds held in trust for the Company (see December 31, 2010 news release). The due diligence process is expected to conclude over the course of the next several weeks.
Formation’s President, Mari-Ann Green says:
“We are very pleased with the development of the project to date and are eager to commence earth works on the ICP.” “The $80 million raised in March of this year has put construction plans into high gear and we expect to make very good progress over the spring and summer.”