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.