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Nevada Copper Corp. (OTC: NEVDQ) has provided an update on its sale process and bankruptcy proceedings. Kinterra Capital Corp.'s affiliate, Southwest Critical Minerals , has been designated as the successful bidder to purchase substantially all of Nevada Copper's assets for US$128 million in cash, plus assumption of certain liabilities and cure costs. The transaction is expected to close in October, subject to court approvals and other conditions.
The sale process, initiated under Chapter 11 bankruptcy, did not result in alternative qualified bids. The proceeds will be distributed to creditors through the bankruptcy process. Additionally, Nevada Copper's shares were delisted from the Toronto Stock Exchange on August 21, 2024, and a cease trade order has been issued due to failure to file recent financial statements.
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