Tough break for long time Nevada Copper shareholders.First a 1/10 share rollback two months ago, now this:
NEVADA COPPER ANNOUNCES UPSIZE AND PRICING OF OVERNIGHT MARKETED PUBLIC OFFERING OF UNITS
Nevada Copper Corp. has upsized its previously announced overnight marketed public offering of units of the company from $75-million to approximately $114-million due to strong demand, including from new and existing institutional investors and mining sector corporates. The upsizing of the offering will provide the company with additional funds to advance the ramp-up of its underground mine at its Pumpkin Hollow project and to continue exploration and expansion studies at its open pit project at Pumpkin Hollow. The company has entered into an underwriting agreement with a syndicate of underwriters led by Scotiabank, as lead underwriter and sole-bookrunner, and including Jett Capital LLC, RBC Capital Markets, Haywood Securities Inc., and Research Capital Corporation for the sale of 148,100,000 units at a price of 77 cents per unit for aggregate gross proceeds of approximately $114-million. The company's largest shareholder, Pala Investments Limited (Pala), has committed to purchase, on a private placement basis, an aggregate of 89,331,682 Units to maintain its current shareholding percentage in the company (the "Private Placement") after giving effect to both the offering and the Private Placement, but prior to giving effect to the over-allotment option described below (the "Purchased Units") at a price of C$0.77 per Purchased Unit.