Schneider Electric Canada signs MOU with Alderon Iron Ore, The Kami Mine
Alderon Iron Ore announced that it and The Kami Mine have signed a memorandum of understanding, or MOU, with Schneider Electric Canada. The MOU provides for The Kami LP to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami Iron Ore Project, located in western Labrador. The MOU also provides that Schneider Electric will assist The Kami LP in its capital raising efforts by making introductions and facilitating discussions with potential financing sources for the Kami Project, including funding from export credit agencies in regions where Schneider Electric manufactures its equipment. This assistance is expected to help The Kami LP raise the capital required to start construction of the Kami Project. The Kami LP and Schneider Electric need to enter into definitive documentation in order for the transactions set out in the MOU to proceed, including agreements for the purchase of equipment. There is no certainty that the transactions contemplated in the MOU will be concluded.