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Formation Metals Inc.(TSX:FCO) announced signing an agreement with Union Bank. Union Bank will now act as Lead Arranger for the Company’s $80 million Credit Facility.
Formation Metals Inc.(TSX:FCO) announced signing an agreement with Union Bank. Union Bank will now act as Lead Arranger for the Company’s $80 million Credit Facility.
As quoted in the press release:
The credit facility will provide letter of credit support , which will free restricted cash from the Bonds for the further development of the ICP. It is expected that the transaction will close on or about March 15, 2012. The ICP consists of the mine and concentrator near Salmon, Idaho and a cobalt production facility near Kellogg, Idaho.
Formation Metals, CEO, Mari-Ann Green, said:
Although the Eurozone situation has impacted the financial markets in general, as a US institution that is part of the Mitsubishi UFJ Financial Group, Union Bank has been far less impacted by the Eurozone situation than the Eurozone banks.
Click here to read the Formation Metals Inc. (TSX:FCO) press release
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