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Quebec Invests $8 Million to Advance Canadian Metals’ Silicon Alloy Plant Project

Published: September 6, 2017 |

[Click image to enlarge]

Canadian Metals Inc. is planning to complete a total of $8 million in funding over the next few months. This investment will complete the $9.2 million global financing plan which was developed in order to undertake all phases of project implementation for the Langis Project.

As a result, Ressources Québec Inc., a wholly owned subsidiary of Investissement Québec, acting as agent for the Government of Quebec, has obtained authorization from its principal to invest $2.125 million in Canadian Metals in the form of share capital at a price to be determined by and to the satisfaction of Ressources Québec, particularly in order to support the implementation phases of the project including the feasibility study and the environmental impact study, as well as the application for a certificate of authorization for the silicon alloy plant project.

“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,” added Leblanc.

The corporation plans to complete the financing of this project in several tranches. In this context, Ressources Québec will disburse the amount of $2.125 million in several tranches, so that each part of their investment represents 28.77 percent of each of the financing tranches up to an amount of $2.125 million.

The confirmation from Ressources Québec of this investment of $2.125 million is part of the development of a silicon alloy plant project in Baie-Comeau. This amount from Ressources Québec is in addition to all private placements totaling $1.2 million which were completed between December 2016 and February 2017. This 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.

Canadian Metals confirms that it has additional commitments of $1 million subject to terms and conditions that will be confirmed shortly. The corporation has accumulated commitments of more than $4 million since its plant was announced in the industrial port area of Baie-Comeau. The corporation intends to finalize its financing plan in order to be able to undertake all implementation phases of the project over the coming months.

Phases of project implementation and use of funds:

• Phase 1- Pre-feasibility
• Phase 2- Decision
• Phase 3- Feasibility
• Phase 4- Decree
• Development, Research & Innovation
• Overhead costs


About Canadian Metals
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. Silicon based materials can be formulated to provide a broad range of products from more durable, faster building materials with smarter electronic devices, solar panels and more efficient wind turbines. We expect to become a global supplier for a number of industries and applications but without limitation: glass, ceramics, lighting, oil and gas, paint, plastic and rubber. Canadian Metals also wants to become an integrated supplier to metallurgical industries including foundries, and participate in a wide range of civil, industrial, environmental and related applications. These target markets are an integral part of the lives of millions of people every day.

To stop by Canadian Metals’ website, CLICK HERE


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