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First Cobalt receives $10M funding from Cdn gov't

 

2020-12-16 12:11 ET - News Release

 

Mr. Trent Mell reports

FIRST COBALT RECEIVES $10 MILLION INVESTMENT FROM FEDERAL AND PROVINCIAL GOVERNMENTS

First Cobalt Corp. has signed contribution agreements and will be the recipient of $10-million in public funding from the government of Canada and the government of Ontario. This critical funding will allow the company to accelerate the commissioning and expansion of its refinery in Northern Ontario, attract new investment and execute against its strategic business plan.

Key terms under the agreements with both governments are as follows:

 

• Government of Canada -- $5-million interest-free loan through the Federal Economic Development Initiative for Northern Ontario;
• Government of Ontario -- $5-million non-repayable grant through the Northern Ontario Heritage Fund Corp.;
• This combined strategic investment, totalling $10-million, will enable First Cobalt to recommission and expand its cobalt refinery north of Toronto;
• Once complete, the facility will be the first of its kind in North America, capable of producing 25,000 tonnes of battery-grade cobalt sulphate annually, which could represent 5 per cent of the global market for refined cobalt.