News
Nevada Copper closes $128.2-million private placement
2018-01-19 11:44 ET - News Release
Mr. Giulio Bonifacio reports
NEVADA COPPER ANNOUNCES CLOSING OF TRANSFORMATIONAL REFINANCING TRANSACTION
Further to its press releases dated Dec. 22, 2017, and Jan. 12, 2018, in respect of the construction financing and recapitalization transactions announced therein, Nevada Copper Corp. has completed the private placement of 256,410,256 special warrants of the company at a price of 50 cents for aggregate gross proceeds of $128,205,128.
Nevada Copper is now poised to transition to producer status at its Pumpkin Hollow project which is the only fully-permitted copper project of scale in the United States, comprising of two copper mines:
A high-grade underground mine with an existing production-size shaft and infrastructure (the "Underground Project") with production targeted for 2019;
A large-scale open pit project with resource upside and optionality to pursue a staged-development plan. Net proceeds from the financing will allow for immediate resumption of the Underground Project development and construction activities, leading to first anticipated production in 2019. Concurrently, the Company will commence open pit resource extension drilling that will focus on the higher-grade North Deposit followed by open pit optimization of a staged open pit development focused on the North deposit.