Nevada Copper announces C$21.5m offering
Toronto-listed Nevada Copper on Monday announced a C$21.5-million offering to bolster its balance sheet to complete the ramp-up of its Pumpkin Hollow underground project, in the US.
The company entered into an agreement with Scotiabank, on behalf of a syndicate of underwriters, pursuant to which they have agreed to buy on a bought-deal basis 130.40-million units at C$0.165 each.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will be exercisable for one common share at C$0.22 a warrant share.
The offering will close on January 29, subject to the receipt of all necessary regulatory and stock exchange approvals.
Nevada Copper in December announced a funding package for the mine, consisting of new cash resources of $31-million, amendments to its senior credit facility providing a further $26-million in increased liquidity and up to an additional $25-million of undrawn funds.
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