Nevada Copper (TSX: T.NCU, Stock Forum) Friday said it has entered into a share purchase agreement with Pala Investments Limited to purchase a total of 46 million common shares of Mercator Minerals (TSX: T.ML, Stock Forum), representing approximately 17.8% of the issued and outstanding common shares of Mercator from Pala in consideration for the issuance of 7.315 million common shares of Nevada Copper, this according to a company news release.
Upon completion of the share purchase, Pala will hold 34,696,981 common shares of Nevada Copper, representing approximately 43.1% of the then-issued and outstanding common shares of the company.
Nevada Copper added that it is purchasing Mercator shares for investment purposes.