Ressources Québec Inc., a wholly owned subsidiary of Investissement Québec (IQ), has agreed to invest $2.125 million in Canadian Metals Inc. (CSE: CME) in the form of share capital at a price to be determined.
Ressources Québec’s investment will form part of an $8 million financing planned by Canadian Metals. Canadian Metals plans to complete the financing in tranches and Ressources Québec will disburse in each tranche, so that each part of their investment represents 28.77% of each of the financing tranches up to an amount of $2.125 million.
Ressources Québec’s investment is part of the development of a silicon alloy plant project in Baie-Comeau, and is in addition to all private placements totaling $1.2 million which were completed and announced between December 2016 and February 2017. The investment is an important milestone in the development of the overall financing plan of $9.2 million which was developed to undertake all phases of project implementation.
“This investment demonstrates the commitment of the Government of Quebec and the City of Baie-Comeau to our project,” said Stéphane Leblanc, Chief Investment Officer of Canadian Metals. “ID manic is already a shareholder and it invested in the Corporation in February 2017. We are pleased that they continue to show their support and remain strong advocates for the successful development of a silicon alloy project in Quebec. Similarly, the Government of Québec is very supportive of our strategy to accelerate the project implementation phases.”
Canadian Metals is focused on the development of its Langis project, a high-purity silica deposit located in the province of Quebec. The company is rapidly positioning itself as a supplier of high purity silica and silicon alloy in North America.
photo credit: Canadian Metals