BlackRock Metals nabs $40 mln in equity funding from Orion

Canadian metals and materials manufacturing company BlackRock Metals Inc has raised $40 million in equity financing from Orion Mine Finance Group, a U.S. private equity firm. Founded in 2008, BlackRock is developing a vanadium and titanium bearing magnetite and ilmenite deposit in Québec. It said the funds raised will support the completion of technical designs, permitting, equipment orders, initial construction work and other priorities. Montréal-based BlackRock said it will focus on putting together a construction financing package for its $950 million project with Orion and other investors later in 2017.

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