Canadian metals and materials manufacturing company BlackRock Metals Inc has raised $40 million in equity financing from Orion Mine Finance Group, a U.S. private equity firm. Founded in 2008, BlackRock is developing a vanadium and titanium bearing magnetite and ilmenite deposit in Québec. It said the funds raised will support the completion of technical designs, permitting, equipment orders, initial construction work and other priorities. Montréal-based BlackRock said it will focus on putting together a construction financing package for its $950 million project with Orion and other investors later in 2017.
PRESS RELEASE
BlackRock Metals announces $40 million equity financing and paves the way to complete funding of the BlackRock Project
MONTREAL, June 7, 2017 /CNW Telbec/ – BlackRock Metals Inc. (the “Company” or “BlackRock”) announces an equity financing of C$40 million led by Orion Mine Finance Group (“Orion”). Proceeds will be used for the completion of technical designs, permitting, the placement of equipment orders, acceleration of early construction work and general working capital requirements. The financing will be disbursed in two tranches, subject to certain milestones.
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. This financing marks a major investment in the Province of Quebec and further highlights the Province’s business friendly environment.
BlackRock welcomes Orion as a major shareholder with its initial investment and looks forward to completing the construction financing package with Orion and our other partners later this year.
BlackRock engaged Credit Suisse Securities (USA) LLC as its global financial advisor in connection with the BlackRock project.
About Orion Mine Finance Group
The Orion Mine Finance Group is a mining-focused investment business with approximately $2.5 billion under management specializing in providing flexible capital investment solutions to mining companies in the base and precious metals sector. Orion has demonstrated capability in debt, equity, convertibles, offtake, streaming, and royalty investments. In addition, the Orion team has experience in the physical metals markets, such as facilitating the purchase, metal financing, transporting, processing and selling of a mine’s output to end customers.
About BlackRock Metals Inc.
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, Canada. The Company will produce approximately 500,000 tonnes of High Purity Merchant Pig Iron and 5,000 tonnes of Ferrovanadium per year. BlackRock is led by a seasoned and dedicated team of professionals, governed by a strong independent board of directors, and has the expertise and proven track record to build and operate this exceptional project.
For further information: Media Contact: For additional details see www.blackrockmetals.com or contact Alexandra Dionne Charest at HATLEY Strategy Advisors: 514-583-9359 or adcharest@hatleystrategies.com; Corporate Contact: Dan Nir, Director, Corporate Development at BlackRock Metals: 647-748-1422 or dnir@blackrockmetals.com
Photo courtesy of BlackRock Metals Inc
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