Company says it has 4 months to raise $300M for new mill
LOUISVILLE, Ky. (AP) — Braidy Industries says it has about four months to raise $300 million in equity capital for a proposed aluminum mill in Kentucky or risk losing a large investment.
The Courier Journal reports Braidy provided the details in a U.S. Securities and Exchange Commission filing this week about its agreement with United Co. Rusal. The Russian aluminum company has ties to Russian oligarch Oleg Deripaska.
Rusal has been under U.S. sanctions until earlier this year. It recently announced plans to invest $200 million in Braidy’s planned $1.7 billion mill near Ashland.
According to Braidy’s SEC filing, a Rusal subsidiary on July 5 reached definitive agreements to invest $200 million in phases. The filing says the subsidiary can suspend or terminate its obligation if Braidy fails to secure its own $300 million contribution after four months have passed.