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Fort Cady borate project finalizes $45 million financing

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A southern California lithium and borate project received financing to fund the first phase of construction from Amvest Capital Mining Opportunities.

American Pacific Borate and Lithium (ABR) announced today that it executed a term sheet for $45 million to finance the project, comprised of $37 million construction term loan and $8 million cost overrun facility.

"We are delighted to have signed a term sheet with a speciliast mining New York-based investor for a facility to substantially debt fund the first phase of the Fort Cady Borate project," said ABR CEO Michael Schlumpberger in a news release.

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