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Western Lithium USA Corporation (TSX:WLC)(OTCQX:WLCDF) announced on Monday that Orion Mine Finance has provided the company with US$5.5 million, without issuing any new shares, by amending the terms of a royalty agreement between Orion and Western Lithium.
Western Lithium USA Corporation (TSX:WLC)(OTCQX:WLCDF) announced on Monday that Orion Mine Finance has provided the company with US$5.5 million, without issuing any new shares, by amending the terms of a royalty agreement between Orion and Western Lithium.
Under the new terms, the company will receive US$2 million of new capital from Orion, and will receive a US$3.5 million advance from the remaining $9 million funding obligation of Orion under the existing royalty facility. The proceeds will be used to fund the Hectatone(TM) organoclay business, a lithium demonstration plant and general working capital.
As quoted in the press release:
“With these additional funds, our treasury will increase to approximately US$12.5 million, which is expected to be enough capital to complete the 10,000 ton per year Hectatone(TM) organoclay plant that is currently under construction in Nevada,” said Jay Chmelauskas, President and CEO.
Click here for the full press release by Western Lithium USA Corporation (TSX:WLC)(OTCQX:WLCDF)