Chilean Cobalt Corp. Announces Receipt of USD $317 Million Letter of Interest From US EXIM Bank
Summary
BERWYN, PA / ACCESSWIRE / June 14, 2024 / Chilean Cobalt Corp. (OTCQB:COBA) ("C3" or the "Company") is pleased to announce it has received a non-binding Letter of Interest ("LOI") from the Export-Import Bank of the United States ("EXIM Bank") for a potential debt funding package of up to $317,400,000 with loan tenor of up to 15 years to fund development efforts within C3s mining concessions that comprise the La Cobaltera cobalt-copper project located within the San Juan District in northern Chile, as well as other mining concessions within this region the Company may acquire.This debt funding is part of EXIM Banks China and Transformational Export Program ("CTEP"), an initiative designed to help American companies facing competition from the Peoples Republic of China ("PRC") in sectors including Renewable Energy, Storage, & Efficiency, and may be eligible for special consideration under Section 402 of EXIM Banks 2019 reauthorization (P.L. 116-94).Given the PRCs dominant and controlling market position in cobalt, a critical mineral used in lithium-ion battery and advanced superalloy applications, EXIM Banks potential funding for C3s La Cobaltera project supports an Americas-focused cobalt supply chain and helps advance the Companys strategic partnerships for domestic US processing.This support would provide funding for substantially all the anticipated construction and development capital required for Phase 1 of C3s La Cobaltera project, focused on the deposits cobalt-copper oxide zones. Additionally, based on certain early drawdown conditions, this funding may be available to fund a Definitive Feasibility Study.Following C3s formal application for debt funding, EXIM Bank is expected to complete their remaining due diligence and other required underwriting analysis to determine their final funding commitment.This press release does not constitute an offer or sale of, or the solicitation of an offer to buy, securities of the Company nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Chilean Cobalt Corp. ("C3") is a US-based and US-listed critical minerals exploration and development company focused on the La Cobaltera cobalt-copper project, located in the past-producing San Juan District in northern Chile, one of the worlds few primary cobalt districts known globally. C3 has a deliberate focus on building a dynamic and sustainable business with an emphasis on applying leading environmental stewardship, social engagement, and corporate governance practices to its strategy.This news release contains statements that involve expectations, plans, or intentions (such as those relating to the Companys ability to enter into a definitive agreement with EXIM Bank for the debt financing as provided for in the LOI) and other factors discussed from time to time in the Companys Securities and Exchange Commission filings. 116-94), ability to establish "Proven" or "Probable" Reserves, as defined by the SEC under Industry Guide 7, through the completion of a Feasibility Study for the minerals that the Company seeks to produce and the inherent risks of mining exploration, development, and processing operations that may negatively impact the business.