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Formation Metals Inc.: Idaho Cobalt Project Senior Debt Facility Not Proceeding
Nov. 03, 2011 08:25AM PST
Battery MetalsFormation Metals Inc. (TSX:FCO) announced that the commitment received by the Company from BNP Paribas has terminated without the closing of the subject financing.
As quoted in the press release:
The Commitment provided for a US$79,500,000 Senior Secured Letter of Credit Facility in support of the Recovery Zone Facility Revenue Bonds issued for the construction and development of the Company’s 100% owned Idaho Cobalt Project (the “ICP”). Notwithstanding extensive and positive technical, legal and cobalt market due diligence undertaken by BNP, BNP was unable to conclude the financing and the Company has decided to consider alternative financing options.
Click here to read the Formation Metals Inc. (TSX:FCO) press release
Click here to see the Formation Metals Inc. (TSX:FCO) profile.
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