Nevada Copper Corp. (TSX: NCU) is pleased to announce that it has completed its previously announced public offering of units of the Company, which included the exercise in full of the over-allotment option by the underwriters, which was comprised of syndicate that included Scotiabank, Jett Capital Advisers, RBC Capital Markets, Haywood Securities Inc., Laurentian Bank Securities Inc., National Bank Financial Inc. and Mackie Research Capital Corporation. The Company issued 230,000,000 Units, including 30,000,000 Units pursuant the Over-Allotment Option, at a price of $0.165 per Unit for aggregate gross proceeds of approximately $38 million.
Each Unit consists of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant is exercisable for one Common Share at a price of $0.22 per Warrant Share until July 29, 2022.
Concurrently with the closing of the Offering, the Company completed its previously announced private placement of 79,696,970 Units to Pala Investments Limited the Company’s largest shareholder, at the Offering Price. The subscription under the Concurrent Private Placement was satisfied by Pala tendering certain indebtedness owed by the Company to Pala.
As previously announced, Pala has agreed to provide a new credit facility to the Company, which is expected to be entered into in the coming weeks. Upon entry of the Credit Facility, US$15 million will be available to be newly drawn by the Company.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under 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 in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
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We acknowledge the [financial] support of the Government of Canada.