VanadiumCorp Resource Inc (TSX-V:VRB) announced that it has secured financing of $775,000 for its manufacturing operations in Québec.
The company said the financing is secured by its vanadium electrolyte facility that is currently under construction in Val-des-Sources, Québec, as well as certain analytical equipment located at its operations site at Lac Doré property, Chibougamau, Québec.
"The new equipment financing will strengthen the ability of VanadiumCorp to attain our near-term goals of completing our first plant and commencing commercial production of vanadium electrolyte in 1Q of 2024,” commented the company’s CEO Paul McGuigan in a statement.
The company said that the term of the financing is 55 months at an interest rate of 9.9% per year.
A commitment fee of $25,000 is also payable to the lender, Key West Ford Financing of New Westminster, British Columbia.
VanadiumCorp seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB).
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