Through a wholly-owned subsidiary, Stratmin has arranged a revolving term loan of up to $13.5 million and an operating line of credit of $1 million with the National Bank of Canada.
Stratmin says it will use the proceeds of the financing, together with $4 million raised elsewhere by the company, to construct a mill, with the capacity to handle 500 tonnes per day, at the site of its graphite deposit. The company hopes to have the mill in operation by December of this year.
Mining operations at the deposit started up this month; Stratmin has rented (on a long-term basis) the Asbury mill facilities at Notre- Dame-du-Laus, Que., for processing of its graphitic material at a rate of 400 tonnes per day.
At a rate of 900 tonnes per day (once both mills are in operation), Stratmin believes it has reserves to last a minimum of 15 years.
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