Up, up, up....
Pele hires Jacob Securities as financial adviser
2013-02-27 11:59 ET - News Release
Mr. Al Shefsky reports
PELE MOUNTAIN ENGAGES JACOB SECURITIES FOR ADVISORY SERVICES TO ADVANCE ECO RIDGE MINE RARE EARTH AND URANIUM PROJECT
Pele Mountain Resources Inc. has engaged Jacob Securities Inc. to provide financial advisory services to Pele as it advances its flagship Eco Ridge mine rare-earth and uranium project in Elliot Lake, Ont.
Pele president Al Shefsky stated: "With the achievement of each project milestone, we continue to demonstrate that Eco Ridge can provide a secure and reliable long-term supply of critical rare earths and uranium. Our Elliot Lake location, outstanding local infrastructure, extensive and expandable resources, well-understood geology and mineralogy, and our world-class development team are just a few of our many competitive advantages at Eco Ridge."
Mr. Shefsky continued: "We believe that the long-term solution to financing development at Eco Ridge is likely to involve long-term uranium offtake agreements with nuclear utilities and a strategic partnership with end-users of critical rare earths. We are confident that Jacob Securities can elevate our market profile within the sector and assist us in these efforts. We look forward to working with them."
Jacob Securities president and chief executive officer Sasha Jacob added: "As the market for energy metals, including uranium and rare earths, has retrenched since 2011, the landscape has changed dramatically. Consistent with our long-standing view that being among the leaders in the race to production of critical rare earths outside of China is paramount to success in this sector, we believe the time is right to take a closer look at some of the lesser-known companies which, perhaps, have lower hurdles to production than some of their better-known peers. As such, we believe that Pele is a good fit for our firm, and we look forward to working with them."
Jacob Securities is an independent full-service investment bank providing a wide range of services including underwriting, financial advisory services, research, market-making and other services to companies in the renewable power, infrastructure, energy and mining sectors. The firm has comprehensive coverage of the complete energy spectrum, from renewable energy and clean technology to conventional utilities to oil and gas, and with particular focus in the energy-related commodities, including uranium and rare earth. The Jacob Securities team has participated in more than $3-billion in renewable equity financing.
Jacob Securities will provide Pele with certain advisory services including market intelligence and market-making support utilizing Jacob Securities' own capital. For these and related services, Pele will pay a monthly advisory fee of $10,000 per month. The initial term of the agreement is until July 15, 2013, following which, the agreement will be automatically renewed monthly until terminated in accordance with the terms of the agreement.
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