First Cobalt advances $45 million debt financing for refinery

By Rebecca Melvin

Concord, N.H., March 30 – First Cobalt Corp. has entered into an exclusivity agreement for $45 million in debt financing to fund its recommissioning and expansion of First Cobalt Refinery.

The exclusivity agreement provides the basis for which lender CIBC Capital Markets will complete its remaining due diligence requirements prior to the negotiation of definitive document, according to a company release..

The agreement is expected to be completed prior to the announcement of a formal construction decision.

The Government of Canada and the Government of Ontario announced in December a joint $10 million investment in the First Cobalt Refinery to help accelerate commissioning and expansion.

Permitting remains on schedule, enabling construction to begin mid-2021. Pre-construction activities, including procurement activities for long lead equipment orders.

The cobalt refiner is based in Toronto.

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