Cobalt 27 Capital amended and upsized its revolving term credit facility, increasing the amount from $180 million to $200 million.

National Bank of Canada was sole bookrunner and administrative agent for the facility. National Bank of Canada, Bank of Montreal and The Bank of Nova Scotia acted as joint-lead arrangers with a syndicate of lenders that included TD Bank, Société Générale and Royal Bank of Canada.

“Cobalt 27’s ability to secure additional borrowing capacity under improved terms reflects confidence in the value of the company’s physical cobalt inventory and its recently acquired battery metals streams and royalties on low cost, long-life mines. This credit facility will fully fund both the first and second tranches of the Ramu Cobalt-Nickel Stream on the producing Ramu Nickel-Cobalt Mine, without the need to access equity capital markets,” commented Anthony Milewski, chairman and CEO of Cobalt 27.

The amended credit facility is secured by the company’s physical cobalt inventory, as well as the company’s streaming and royalty investments. It has an initial term of three years, which is extendable by mutual consent of the lenders and Cobalt 27. The initial drawdown is subject to the satisfaction or waiver of certain conditions precedent customary for a financing of this type.

Cobalt 27 Capital is an electric metals investment vehicle offering exposure to metals integral to key technologies of the electric vehicle and battery energy storage markets.