Nevada Copper Corp. (TSX: NCU) is pleased to announce that it has completed its previously announced public offering of 643,713,553 units of the Company at a price of $0.15 per Unit for aggregate gross proceeds of approximately $97 million. Each Unit consists of one common share of Nevada Copper and one-half of one Common Share purchase warrant of Nevada Copper. Each full Warrant entitles the holder thereof to purchase one Common Share at a price of $0.20 per Common Share, for a period of 18 months following the closing of the Offering.
The net proceeds from the Offering will be used to fund the Company’s operations, including to continue its previously-announced accelerated mine development plan and to re-start and ramp-up production from its Pumpkin Hollow underground mine, to prepay in full the Company’s US$30 million convertible loan facility that the Company entered into on March 27, 2020, to repay other outstanding indebtedness (including short-term financing provided by Pala Investments Limited in the principal amount of US$15.1 million) and for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Nevada Copper
Nevada Copper is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now transitioning to the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
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