Nevada Copper inks $115m deal to construct Pumpkin Hollow
Nevada Copper Corp's (TSX: NCU) announced a series of deals on Wednesday to finance its 100%-owned Pumpkin Hollow copper project through to completion targeted for the final quarter of the year.
The company HQ'ed in Reno, Nevada entered into a $115 million credit agreement with Germany-based KfW IPEX-Bank and also announced a public share offer and concurrent private placements to raise $30m, two off-take agreements with European metal companies Aurubis and Concord Resources and a working capital facility worth $35m.
"We are pleased to be working with our respective offtake partners and working capital providers as we bring the underground project into first production later this year," Matthew Gili, Nevada Copper's CEO said in a release.
The execution of the underground project is progressing at a strong and steady pace with both underground development and surface works on track. Further, we have responded to our shareholders and intend to accelerate our exploration program both at the Open Pit and our newly-defined targets around surface mineralization contained in the recently expanded land position,” Gili said.
At market close on Wednesday, Nevada Copper's shares were priced at 40 Canadian cents on the TSX. The company has a C$261 million market capitalization.