BlackRock Metals Inc. has closed a $40 million equity financing round led by Orion Mine Finance Group. The financing will be disbursed in two tranches, subject to certain milestones.
Founded in 2008, BlackRock Metals Inc. has been backed by Winner World Holdings, Oman Oil Company, and Ressources Québec, a subsidiary of Investissement Québec (IQ).
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. BlackRock Metals will produce approximately 500,000 tonnes of High Purity Merchant Pig Iron and 5,000 tonnes of Ferrovanadium per year.
BlackRock Metals intends to use proceeds for the completion of technical designs, permitting, the placement of equipment orders, acceleration of early construction work and general working capital requirements.
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.
BlackRock intends to close the construction financing package with Orion and its other partners later this year.
Credit Suisse Securities (USA) LLC acted as financial advisor to BlalcoRock in connection with the BlackRock project.
photo credit: BlackRock Metals