BlackRock Metals Announces $40 million Equity Financing and Paves the way to Complete Funding of the BlackRock Project

BlackRock Metals (the “Company” or “BlackRock”) announces an equity financing of C$40 million led by Orion Mine Finance Group (“Orion”). Proceeds will be used for the completion of technical designs, permitting, the placement of equipment orders, acceleration of early construction work and general working capital requirements. The financing will be disbursed in two tranches, subject to certain milestones.

The equity financing marks a major step forward in the development of BlackRock’s C$950 million Project, located near Chibougamau and on traditional Eeyou Istchee Territory, and significantly enhances the development of the Company’s transformation plant at the Grande-Anse Port Industrial Park in Saguenay, Quebec.
This financing marks a major investment in the Province of Quebec and further highlights the Province’s business friendly environment.

Established in 2008, BlackRock Metals Inc. is a privately-owned Canadian company developing a fully integrated, environmentally enhanced, metals and materials manufacturing business from its wholly-owned, world-class vanadium and titanium bearing magnetite (“VTM”) deposit in Quebec, Canada.
Click here to read the full text release.