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NEVADA COPPER CORP (NEVDF) is a mining company focused on the exploration and development of copper deposits in Nevada. With a primary focus on its underground mine, the company aims to complete commissioning and ramp-up activities. Recent challenges in securing funding have led to discussions with third parties for additional financing and potential change of control transactions. The company's largest shareholder, Pala Investments Limited, and other stakeholders have provided limited interim funding. However, without sufficient funding in the near term, the company may need to seek creditor protection.Nevada Copper announced the release of a US$20 million second tranche of funding from Mercuria Energy and Triple Flag Precious Metals as part of its restart financing package. This tranche follows an initial funding closure on October 28, 2022. The funding will aid the advancement of activities at the Pumpkin Hollow underground copper mine. The company is finalizing contracts for development mining and capital projects, aiming to boost production capacity in 2023.
Nevada Copper announces the appointment of Greg Martin as Executive Vice President and Chief Financial Officer, effective November 21, 2022. Martin, with 30 years of experience in mining finance, will enhance the Company's fiscal strategies during the critical restart and ramp-up of the Pumpkin Hollow underground mine. The company has also filed its third quarter 2022 financial statements and related MD&A, indicating ongoing development towards sustainable operations.
Nevada Copper (OTC: NEVDF) announced an update on its underground mine's restart and operational activities following a US$123 million financing package closure. The company plans to optimize its life-of-mine strategy, focusing on the higher-grade East North Zone (EN Zone). Significant milestones include completing the second dike crossing, transitioning to the final dike work, and receiving interest from multiple mining contractors. The board of directors will welcome Guillaume de Dardel from Mercuria Energy Trading, a major shareholder. Mining operations are set to commence in the second half of 2023.
Nevada Copper (OTC: NEVDF) announced the closure of its Restart Financing Package, providing up to US$123 million to support the restart of its Pumpkin Hollow underground copper mine. The package includes US$40 million from equity investments, US$30 million in stream and royalty financing, and US$15 million in a facility extension. Additionally, Randy Buffington has been appointed to the board of directors, effective November 1, 2022, as part of a board renewal process.
Nevada Copper (OTC: NEVDF) announced updates on its Restart Financing Package, aiming to secure up to US$123 million to aid the restart of its Pumpkin Hollow underground copper mine. The closing date is set for October 28, 2022, pending Toronto Stock Exchange approval. Key changes include an increased dilution due to lower share prices and modifications in equity investments. The company’s expected ramp-up and restart costs total US$70 million to US$75 million. Failure to finalize funding may lead to business cessation or creditor protection proceedings.
Nevada Copper (OTC: NEVDF) announced updates regarding its Restart Financing Package, which may provide up to US$118 million in liquidity to support the Pumpkin Hollow underground copper mine restart. Significant advancements include a US$25 million backstop commitment from its largest shareholder, Pala Investments, and ongoing discussions about a Change of Control Proposal with potential third-party investors. Operational milestones include the completion of critical infrastructure and a detailed Project Execution Plan. The company cautions that agreements are not guaranteed and regulatory approvals are pending.
Nevada Copper (OTC: NEVDF) provided an update on the restart of its Pumpkin Hollow underground copper mine and a proposed financing package aimed at injecting up to US$93 million into the company. CEO Randy Buffington announced significant progress in preparations for the restart, including recruitment and system implementation. The restart will occur in three phases, with the first phase already initiated. The financing package includes equity investments from major shareholders and is subject to regulatory approval. Failure to complete the financing could impact the company's operations.
Triple Flag Precious Metals Corp. announced a financing agreement with Nevada Copper Corp., providing up to US$93 million to support the restart of the Pumpkin Hollow copper mine in Yerington, Nevada. The deal includes US$30 million from Triple Flag, which will increase its royalty from 0.7% to 2% on Nevada Copper's open pit project. Funds will be released in two tranches, and Triple Flag will gain the right to nominate a director to Nevada Copper's board. This financing is subject to final terms and regulatory approval.
Nevada Copper (OTC: NEVDF) announced a non-binding agreement for up to US$93 million in financing to support the restart of its Pumpkin Hollow copper mine in Yerington, Nevada. Key components include changes in underground mining contracts for improved performance and several planned capital projects. The restart plan aims to ramp up production to 5,000 tons per day by Q4 2023. Additionally, the board will be strengthened with new director nominations from key financing partners. The funding agreement is subject to regulatory approvals and completion timelines.
Nevada Copper has filed its unaudited condensed consolidated interim financial statements and management's discussion and analysis for Q2 and year-to-date periods ending June 30, 2022. The company, which owns the Pumpkin Hollow copper project, is progressing with its Underground Mine and processing facility, now in production, alongside a large-scale open pit project moving towards feasibility. Investors can access these filings at www.sedar.com.
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