LAWTON – The feasibility study prepared by Westwin Elements for Lawton officials is “complete” but is going through “the final stage of a third-party review,” Communications Manager Marissa Espinosa told Southwest Ledger on Monday.
No deadline has been set for completion of that independent review, she added.
“All I can say right now is that we are waiting for the feasibility study and for something official from Westwin,” Brad Cooksey, president of the Lawton-Fort Sill Economic Development Corporation, told the Ledger on Monday.
Westwin officials are expected to provide the results of the feasibility study and inform Lawton officials of their plans “moving forward,” Cooksey said previously.
“I can tell you that Westwin’s nickel/cobalt refinery test plant in southwest Lawton is up and running, successfully, and their employees have indicated they’re happy,” he told the Ledger on Aug. 26.
Westwin has raised nearly $70 million from an estimated 170 accredited private investors to date, Espinosa said Monday.
Westwin also has received a term sheet of $60 million from one organization, she said. That non-binding document spells out the terms under which the organization has said it anticipates investing $60 million upon completion of their due diligence, she explained.
The $70 million is separate and apart from the $60 million term sheet, Espinosa said.
A Form D Offering of Securities filed June 12 with the Securities and Exchange Commission by Westwin founder and Chief Executive Officer KaLeigh Long shows Westwin has a goal of raising $125 million.
“That is Series B,” Espinosa said, “which is funding that includes individual accredited investors and institutional capital.”