Ontario-based First Cobalt (TSX-V:FCC) said today it closed $45 million in financing mostly debt financing.
Funds will be used to recommission a hydrometallurgical refinery located in Ontario, Canada.
“With the completion of this financing, the First Cobalt project team can now accelerate long lead equipment orders for our Canadian battery materials refinery as we pursue our vision of becoming the most sustainable producer of battery materials,” said President & CEO Trent Mell.
“Our immediate objective is to become the only producer of battery grade cobalt in North America by Q4 2022. Thereafter, we intend to produce nickel, cobalt, lithium and other battery materials from recycled lithium-ion batteries. Longer term, we are pursuing the creation of a Battery Park around our low-carbon hydrometallurgical refinery, which would include nickel sulfate production from primary feeds and lithium-ion battery precursor manufacturing.”