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Quebec-based rare earth developer Torngat Metals announced a combined $165 million financing package to support pre-construction activities at its Strange Lake rare earth project in Nunavik. The arrangement includes a $110 million bridge loan facility from Export Development Canada (EDC) and a $55 million loan commitment from the Canada Infrastructure Bank (CIB).
Funds from both the EDC and CIB will be released in phases, aligned with specific project milestones that involve detailed engineering and environmental compliance.
Rothschild & Co acted as financial advisor to Torngat Metals, with Sullivan & Cromwell LLP and Stikeman Elliott LLP acted as legal counsel with respect to bridge financing. These advisors continue to advise Torngat on the project financing.
Parties
Company
Torngat Metals Ltd.
Bank
Export Development Canada
Bank
Canada Infrastructure Bank (CIB)
Deal Type
Financing/InvestmentIndustry
MiningTransaction
$ 165,000,000Deal Status
ClosedClosing Date
17 June 2025