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Jan 12, 2022

   

Industry News

Northeastern Ontario rare minerals explorer secures Chinese financing

< 1  MIN READ

Drilling at Power Metals’ Case Lake Project

Power Metals inks $3M equity financing agreement with Sinomine Rare Metals Resources

A Chinese mining financier has taken an equity stake in a junior mining company exploring for cesium and lithium in northeastern Ontario.

Sinomine Rare Metals Resources is providing $3 million to Power Metals Corp. through a financing agreement that will see the Beijing-headquartered company hold a 5.7 per cent interest of the Vancouver and Arizona-based junior miner.

In a Dec. 21 news release from Power Metals, Sinomine is being hailed as their partner to develop the Case Lake Project, 80 kilometres east of Cochrane, close to the Ontario-Quebec border.

Read the full story from Northern Ontario Business HERE