Nevada Copper Provides Financing Update

Nachrichtenquelle: globenewswire
24.11.2020, 23:53  |  573   |   |   

YERINGTON, Nev., Nov. 24, 2020 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company’’) is pleased to announce that it has agreed to non-binding terms with its senior lender, KfW IPEX-Bank GMBH (“KfW”) and is engaged in ongoing discussions with other lenders to provide a combined financing package of at least US$30 million. The Company is working with KfW and the other lenders with the aim of executing binding agreements for loan facilities and being able to receive funding thereunder by the end of 2020.

The proposed financing package will provide substantial additional liquidity for Nevada Copper as it ramps-up operations into 2021. Under the non-binding term sheet with KfW, it is proposed that KfW will provide a new US$15 million senior loan, with a three-year tenor, at an interest rate of LIBOR plus 4.9%. This new KfW loan is expected to have a 12-month repayment holiday period. In addition, amortization and debt service account payments under the Company’s existing senior project loan facility with KfW are expected to be deferred until 2023. The Company is also in the process of finalizing the specific terms of an additional complementary financing from other lenders and will provide an update in due course.

The proposed combined financing package is subject to, amongst other things, finalization of terms with KfW and the other lenders, negotiation and execution of definitive documentation, satisfaction of conditions precedent and regulatory approval, if required.

As previously announced on November 10, 2020, Pala Investments Limited (“Pala”), the Company’s largest shareholder, confirmed that it will continue to provide financial support to the Company until the end of the year, by which time the Company expects to complete the new financing package. In connection with this, Pala has provided the Company with access to additional liquidity of up to US$15 million in the form of a promissory note (the “Promissory Note”). The Company made an initial draw of US$2 million under the Promissory Note, with subsequent draws available at the Company’s option, subject to agreed use of proceeds. The Promissory Note has a maturity date of January 31, 2021, bears interest at 8% per annum on amounts drawn, and is expected to be repaid through the funds received from the US$30 million financing package as outlined above. The negotiation and approval of the Promissory Note was supervised on behalf of the Company by the independent members of the Company’s board of directors.

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Nevada Copper Provides Financing Update YERINGTON, Nev., Nov. 24, 2020 (GLOBE NEWSWIRE) - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company’’) is pleased to announce that it has agreed to non-binding terms with its senior lender, KfW IPEX-Bank GMBH (“KfW”) and is engaged …

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