LibertyStream Infrastructure Partners Inc. has executed a non-binding term sheet with Endurance Finance Partners Ltd. for a proposed financing framework of up to US$95 million. The arrangement is structured to fund the construction of the Freedom 1 and Freedom 2 facilities, alongside a future-site financing framework where additional projects can be evaluated on an individual basis.

The proposed funding package includes a delayed-draw senior secured construction credit facility that carries an annual interest rate of 12.25%. The facility will mature five years after the execution of definitive agreements. Draws will be tied to independently certified construction milestones.

Under the terms of the proposal, Endurance will also receive common share purchase warrants equal to up to 10% of the initial US$45 million credit facility dedicated to Freedom 1 and Freedom 2, exercisable for seven years from issuance. The final warrant count and terms will be locked in when definitive agreements are finalized.

LibertyStream is developing Freedom 1 as its first 1,000-tonne-per-annum commercial-scale lithium carbonate facility at Select Water Solutions' Howard County site in Texas. That commercial plant is scheduled for commissioning by the end of December 2026. The company previously entered into a definitive offtake agreement to supply 600 tonnes of lithium carbonate per year beginning in 2027 from the facility. Ahead of commercial deployment, the company has operated the Freedom Launchpad platform at the Permian Basin site, producing approximately three tonnes of lithium carbonate for testing and qualification.

Completion of the financing remains conditional on satisfactory confirmatory due diligence, internal investment and credit approvals, the negotiation and execution of definitive agreements, an agreed company investment commitment, and the receipt of corporate and regulatory approvals. Both parties expect to use commercially reasonable efforts to finalize definitive agreements for the proposed facilities within 45 days.

Read the full announcement: LibertyStream Signs Term Sheet for Up to US$95 Million in Project Financing