Superior Lake Resources Ltd. received nonbinding indicative proposals of between US$50 million and US$70 million from global banks and resource funds to finance the development of its namesake zinc project in Ontario.
The company said Aug. 27 that it is working with an independent advisory firm, Orimco Resource Investment Advisers, to evaluate the merit of each proposal, and expects to select a short list of preferred financiers.
Superior Lake noted that it will soon release the bankable feasibility study for the project, with development expected to start in the first half of 2020.
In early May, the company entered a binding agreement to acquire up to an additional 15% interest in Ophiolite Holdings Pty. Ltd. to increase its project stake to 85%.
