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 as legal counsel with respect to bridge financing.
Norton Rose Fulbright advised EDC and CIB with a team led by Alison Babbitt and included from Canada: Jean-Philippe Pelletier on all matters of Quebec law, Steven Legault, Kaitlyn DuMoulin, Hélène St-Louis, Stephen Nattrass, Prashant Watchmaker, Mélissa Devost, Evan Cobb, Lindsay Bec, Pierre-Alexandre Mailhot, and from Amsterdam: Wouter Hertzberger and Mei Land Man.