Nevada Copper completes offering of units

On November 29, 2021, Nevada Copper Corp. (“Nevada Copper”) announced that it completed its previously announced public offering of units, which included the partial exercise of the over-allotment option by a syndicate of underwriters that included Scotiabank, Jett Capital LLC, RBC Capital Markets, Haywood Securities Inc. and Research Capital Corporation. As announced November 11, 2021, the public offering was upsized due to strong demand.

Nevada Copper issued an aggregate of 162,644,300 units and 2,000,000 warrants (as defined below), including 14,544,300 units and 2,000,000 warrants pursuant to the partial exercise of the over-allotment option, at a price of C$0.77 per unit and C$0.08 per warrant, for aggregate gross proceeds of approximately C$125.4 million. Each unit consists of one common share of the company and one-half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant is exercisable for one Common Share (each a “Warrant Share”) at a price of C$1.00 per Warrant Share until May 29, 2023.

The net proceeds of the public offering will be used to satisfy the condition to the effectiveness of the previously announced amendments to the company’s amended and restated credit facility with its senior project lender, KfW-IPEX Bank, for a significant deferral and extension of its debt facilities.

In connection with the closing of the offering, to maintain its current shareholding percentage, Nevada Copper’s largest shareholder, Pala Investments Limited (“Pala”), purchased, on a private placement basis, an aggregate of 98,104,584 units at the offering price in the aggregate amount of approximately C$75.5 million.

Further information can be found on Globe Newswire’s website.

Nevada Copper is a copper producer and owner of the Pumpkin Hollow copper project.