Fort Capital is pleased to announce that HiTest Sand Inc. (“HiTest” or the “Company”) has closed a US$15 million investment from Lithium Royalty Corp. in the form of a revenue royalty on the Company’s Horse Creek mine and the purchase of shares of the Company.
The Horse Creek mine represents one of the largest high purity quartz deposits in North America and will be brought back into production in 2021 to produce high purity silica, which is used in a broad number of industries including silicon metal smelting, ceramics, construction and landscaping.
Silicon metal is utilized in multiple specialized applications, including the production of silicones for use in the chemical industry, polysilicon utilized in manufacturing semi-conductors and photovoltaic cells, and as an alloying agent in the production of specialty aluminum applications. The demand for silicon metal for use in photovoltaic cells is expected to increase significantly over the coming years as the global transition to renewable energy will support growth in the solar industry.
Fort Capital acted as financial advisor to HiTest with respect to the investment.