Good News for Idaho Cobalt Project

- 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.

Click here to read the full Shoshone News Press report.

Click here for the Formation Metals (TSX:FCO) profile.

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