The company will employ the equipment at its Bissett Creek graphite project in Ontario, where mine construction will commence post April 2013.
Scope of the equipment financing facility covers the cost of the mobile mining fleet and the purchase and installation of natural gas powered generators related engineering, procurement and construction management works.
Northern Graphite CEO Gregory Bowes said, "The financing package potentially represents one third of the capital required to develop Bissett Creek and is an important milestone in achieving our goal of financing construction in a manner that minimizes dilution and maximizes shareholder value."
The miner, with its own mining fleet, plans to cut down operating costs by $50 a ton of concentrate.
