A private placement and joint venture agreement with Teck (TSE) could lead to a significant expansion of boron production at existing operations in Chile and Bolivia, Boron Chemicals International (VSE) reports.
Teck has agreed to purchase 625,000 treasury shares of Boron at 40 cents each. Attached warrants will entitle Teck to purchase an additional 625,000 shares at the same price within 12 months of closing.
Boron says proceeds from the placement will be used to evaluate and develop reserves of ulexite, a boron material, on Boron’s properties in northern Chile and Bolivia under Teck’s management. Subject to reserve confirmation, Teck will address the feasibility of constructing a processing plant in Bolivia and/or Chile, Boron says.
An industrial mineral, boron has application mainly in glass fibre insulation and glass fibre reinforcement in plastics.
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