Nevada Copper stock rises on funding announcement
Base metals miner Nevada Copper on Wednesday announced a funding package for its Pumpkin Hollow mine, in the US, sending the company’s shares up 8% on the TSX.
The package includes agreements with several of its existing financing partners to provide additional liquidity to complete the ramp-up of its underground project, said Nevada Copper.
The package would consist of new cash resources of $31-million with a blended headline interest rate margin of 7%, of which about $9-million has already been advanced to the company since the beginning of November; amendments to the company’s senior credit facility providing a further $26-million in increased liquidity in the form of deferral of debt service payments; and up to an additional $25-million of undrawn funds available to the company to assist as required with completing the ramp-up of operations.
“On behalf of the entire company, I want to sincerely thank KfW for its ongoing support of the company. The package not only meets the projected requirements of the ramp-up, but provides additional contingency headroom for the company,” said CEO Mike Ciricillo.
Commenting on the ramp-up plans he added: “With the Main Shaft materials handling system on track for mechanical completion in December, we expect to see hoisting rates increase significantly as planned in the coming weeks during final commissioning. Along with this significant milestone, the positive conclusion of KfW’s independent engineer review further validates our ramp-up plans.”
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