Formation Metals Receives Commitment for Financing of Idaho Cobalt Project

Formation Metals Inc. (TSX:FCO) reports that it has received and accepted a commitment from BNP Paribas for the financing of its Idaho Cobalt project.

The Commitment contemplates a US$79,500,000 Senior Secured Letter of Credit Facility (the “Facility”) consisting of a US$58.5 million project financing letter of credit in support of the Lemhi County Recovery Zone Facility Revenue Bonds (the “Lemhi Bonds”) and a $21 million financial letter of credit in support of the Shoshone County Recovery Zone Facility Revenue Bonds (the “Shoshone Bonds”) issued for the construction and development of the greenfield cobalt mine located in Lemhi County, Idaho, and the related hydrometallurgical plant located in Shoshone County, Idaho, and together constituting the ICP.

Formation’s President and CEO, Mari-Ann Green says:

“Signing of this Commitment brings us one step closer to bringing this exciting and important project into production.”

Click here to access the entire news release.

Click here to access Formation’s company profile.(TSX:FCO)