BlackRock Metals Inc., a Montreal, Canada-based developing an integrated, environmentally enhanced, metals and materials manufacturing business, C$40m equity financing.
The round was led by Orion Mine Finance Group.
The company intends to use the proceeds – which will be disbursed in two tranches, subject to certain milestones – for the completion of technical designs, permitting, the placement of equipment orders, acceleration of early construction work and general working capital requirements.
Established in 2008, BlackRock Metals develops an integrated, environmentally enhanced, metals and materials manufacturing business from its vanadium and titanium bearing magnetite (“VTM”) deposit in Quebec, Canada. The company will produce approximately 500,000 tonnes of High Purity Merchant Pig Iron and 5,000 tonnes of Ferrovanadium per year.