Clean TeQ appoints banks for project debt financing

Company News

by Kathy Skantzos

Clean TeQ (ASX:CLQ) has appointed three financial institutions – Societe Generale, National Australia Bank and Natixis – to arrange debt financing for the development of its Sunrise project.

The debt funding is targeted at 50-60 per cent of the total development cost of the project including working capital and other credit facilities.

The banks are expected to provide a total of $375 million of the total credit facilities required for the development of the project.

The balance will be raised through additional MLA banks or via a syndication process which will take place following the completion of its Definitive Feasibility Study which is expected to be finished by Q1 2018.

The Sunrise project is a large cobalt and nickel deposit based in New South Wales.

Shares in Clean TeQ (ASX:CLQ) are trading 3.26 per cent higher to $1.74.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.