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The project’s last concern determination is expected to beryllium completed successful 2025.
The non-binding missive of involvement (LOI) could pb to a nonstop lending indebtedness backing bundle of up to C$100m ($69.5m) Credit: BJP7images / Shutterstock.
Green Technology Metals (GTM) has received a non-binding missive of involvement (LOI) from Export Development Canada (EDC) to concern the company’s Seymour lithium task successful northwestern Ontario, Canada.
The LOI could pb to a nonstop lending indebtedness backing bundle of up to C$100m ($69.5m), bolstering the project’s improvement wrong Canada’s captious minerals proviso chain.
GTM has been successful discussions with EDC since September 2024, providing cardinal task details and preliminary fiscal models.
The project’s permitting approvals and last concern determination are expected to beryllium completed successful 2025.
The task is expected to commencement accumulation successful 2026 arsenic Ontario’s archetypal excavation for artillery metal.
Green Technology Metals managing manager Cameron Henry said: “This marks the archetypal measurement successful our financing strategy for the Seymour task improvement and we’re pleased to person achieved this milestone successful 2024. EDC’s enactment perchance increases sourcing flexibility, allows greater entree to low-cost nonstop lending and is non-dilutive to GT1 shareholders.
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“We proceed to prosecute with planetary commercialized lenders arsenic portion of our broader financing efforts, but the beardown denotation of involvement from EDC validates the robustness of the Seymour Project and further reinforces our strategy to go Ontario’s archetypal lithium producer.”
EDC’s enactment is expected to connection flexible sourcing options and entree to low-cost lending, and volition not dilute the worth for existent shareholders.
The financing from EDC is taxable to a thorough owed diligence process, interior approvals, and modular task concern conditions, including an biology and societal reappraisal successful enactment with EDC’s framework.
Following the assignment of fiscal advisor Endeavour Financial, the Seymour Project has attracted planetary commercialized lenders, enhancing the project’s fiscal structure.
As a fiscal Crown corporation, EDC focuses connected financing solutions for Canadian exporters and has completed implicit 540 transactions crossed assorted sectors, including mining.
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