11:54 AM EST - Formation Metals Inc. : announced that it has received and accepted a commitment (the "Commitment") from BNP Paribas for the financing of its 100% owned Idaho Cobalt Project ("ICP"). The Commitment contemplates a $79.5-million U.S. Senior Secured Letter of Credit Facility consisting of a $58.5-million project financing letter of credit in support of the Lemhi County Recovery Zone Facility Revenue Bonds and a $21-million financial letter of credit in support of the Shoshone County Recovery Zone Facility Revenue Bonds issued for the construction and development of the greenfield cobalt mine located in Lemhi County, Idaho, and the related hydrometallurgical plant located in Shoshone County, Idaho, and together constituting the ICP. Formation Metals Inc.
shares T.FCO are trading up $0.10 at $1.18.
