Nevada Copper Corp NEVDQ

Dow Jones Global Press Release - Jul 04, 2022 07:30:00 Nevad

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Nevada Copper Provides Financing Update
Dow Jones Global Press Release - Jul 04, 2022 07:30:00
Nevada Copper Provides Financing Update
YERINGTON, Nev., July 04, 2022 (GLOBE NEWSWIRE) -- Nevada Copper <NCU> <NEVDF>
<ZYTA> ("Nevada Copper" or the "Company") is pleased to announce that it has agreed to non-
binding terms with its senior lender, KfW IPEX-Bank ("KfW') and its largest shareholder, Pala
Investments Limited ("Pala"), for a loan of up to US$70 million, by way of a new tranche
extension to the existing senior credit facility with KfW. This funding would be provided by Pala,
with the potential participation of other lenders. Of the total amount, US$50 million will be
committed to be advanced by the lenders (including the outstanding amount of the previously
announced up to US$20 million promissory note provided by Pala) and US$20 million may be
available for future draw by the Company on an uncommitted basis. The Company is in ongoing
discussions with KfW, Pala and other lenders with the aim of executing binding agreements
during the month of July 2022.
If implemented, the proposed financing package will provide access to significant further liquidity
for the Company to maintain the assets at the Pumpkin Hollow underground copper mine (the
"Underground Mine") and pursue certain projects such as completing the dike crossing and
advancing open pit project feasibility study work, and to explore and advance discussions on
further financing and strategic options.