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The company said that the SIF's objective is to spur innovation for a better Canada by providing funding for large projects and national innovation ecosystems. According to the company's statement, the SIF investment supports all aspects of E3's resource and technology development including drilling, piloting of E3's proprietary ion-exchange technology for lithium extraction, process development and engineering including downstream lithium hydroxide conversion.
"All eligible costs under the program are reimbursed to E3 at 33.94% up to a total of $27M. E3 can immediately apply for all eligible expenses as of the initial application date in August 2021, which includes the costs associated with E3's 2022 drilling program. E3 expects its first reimbursement from SIF to exceed $4M," the company said.
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Source: BNNBloomberg - 🏆 83. / 50 Read more »