Canadian lithium hopeful Far Resources has secured up to C$12-million from New York-based private equity firm Alumina Partners to advance its exploration activities.
The company is focused on defining a lithium resource at its Zoro project, which is located in the Snow Lake region of Manitoba, and it also owns the Hidden Lake lithium project, near Yellowknife, in Northwest Territories.
The terms of the agreement with Alumina Partners will allow Far to draw down capital at will, on an as-needed basis, in a series of equity private placements of up to C$1-million each over a 24-month period, in accordance with exchange policies.
The objective is to provide Far with more flexible access to capital at the company’s sole discretion.
“This represents a significant milestone for Far,” said Far president and CEO Toby May in a statement.
“This partnership and cornerstone investment from Alumina will allow the company to advance its excellent Canadian hard rock lithium assets—which are standing up to multiple rounds of expansive exploration—and to pursue its longer term strategies in the sector.”