Good News for Idaho Cobalt Project
Investing News Network - November 29th, 2011
Shoshone News Press reported that Formation Metals (TSX:FCO) has received a letter of credit related to its Idaho Cobalt Project.
Shoshone News Press reported that Formation Metals (TSX:FCO) has received a letter of credit related to its Idaho Cobalt Project.
As quoted in the market news:
The deal was made by collateralizing the letter of credit with the cash the company had on-hand — there was more than $50 million as of Aug. 31 — to allow the company to start drawing down on the low interest bonds before they expired. To date, Formation has drawn down on $19.3 million in ICP construction expenditures already incurred.