Coalspur Mines managing director and CEO Gene Wusaty said the agreement will strengthen the company’s financial position as it will have access to about C$100m ($99.7m) in cash and credit lines.
"The company is now positioned to fund all anticipated activities at Vista through to the start of construction in early 2013," said Wusaty.
Coalspur is planning to commence detailed engineering on Vista, in the coming weeks, after which the construction will follow.
In addition, Coalspur is focused on several additional initiatives as it prepares for construction on Vista.
These initiatives include progressing project financing discussions with potential off-take partners, evaluating the utilization of a mining contractor and submitting the final regulatory applications required to begin construction.
