Canadian Mining Journal

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RB Energy proposes $78M financing to bring Quebec Lithium plant up to speed

RB Energy’s (TSX: RBI) stock continued to fall on Friday, four days after it announced a proposed $78 million to $88 million financing to get its Quebec lithium project back on track.



RB Energy’s (TSX: RBI) stock continued to fall on Friday, four days after it announced a proposed $78 million to $88 million financing to get its Quebec lithium project back on track.

The company’s shares have lost 14¢, or 40%, over the past week to 21¢ today.

The financing of secured convertible debentures is expected to close around Sept. 30.

RB Energy completed a $22-million equity financing in late May, which investors and analysts had hoped would take the company to commercial production.

Instead, the company has battled several technical problems at its processing plant, where spodumene concentrate is produced from mined ore, and then upgraded to lithium carbonate.

Read the complete article at NorthernMiner.com/news/rb-energy