Nevada Copper Announces Upsize to Its Previously Announced Bought Deal Offering to $33 Million

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All amounts herein are in Canadian Dollars unless otherwise indicated.

YERINGTON, Nev., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to announce that due to strong investor demand it has amended the terms of its previously announced “bought deal” public offering of units of the Company (the “Units”) to increase the size of the offering. In connection with the upsizing of the offering, the Company has entered into an amending agreement with Scotiabank on behalf of a syndicate of underwriters (collectively, the “Underwriters”). Pursuant to the revised terms of the offering, the Underwriters have agreed to purchase, on a bought deal basis, 200,000,000 Units of the Company at a price of $0.165 per Unit (the “Offering Price”) for aggregate gross proceeds of $33 million (the “Offering”).

Mike Ciricillo, CEO of Nevada Copper commented “We are pleased to see the good investor interest in Nevada Copper as we ramp-up operations in a very positive market for copper.”

Each Unit will consist of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant” and collectively the “Warrants”). Each Warrant will be exercisable for one Common Share (each a “Warrant Share”) at a price of $0.22 per Warrant Share at any time for a period of 18 months following closing of the Offering.

The Company has granted the Underwriters an option, exercisable in whole or in part, at the sole discretion of the Underwriters, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes (the “Over-Allotment Option”). The Over-Allotment Option may be exercised by the Underwriters to purchase additional Units, Common Shares, Warrants or any combination thereof. In the event the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be approximately $38 million.