pcJ News Briefs – Nevada Copper Corp. (TSX: NCU) has secured a short-term bridging facility in the principal amount of US $3.5 million from Pala Investments Limited, Nevada Copper’s largest shareholder.
Pala holds approximately 70.51% of NCU Shares on partially diluted basis.
photo credit: Nevada Copper
News Release
BRIDGE FACILITY WITH PALA INVESTMENTS
November 14, 2017 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) is pleased to announce that Pala Investments Limited, Nevada Copper’s largest shareholder, has made available a short-term bridging facility (the “Facility”) to Nevada Copper in the principal amount of US$3.5 million. The funds will be used to fund the completion of a feasibility study and related engineering work directed towards the construction of an underground project at Pumpkin Hollow, and for general working capital purposes. The Facility, which carries an interest rate of 7%, has a term of six months and may be repaid earlier without penalty.
As previously announced, Nevada Copper continues to progress advancement of a feasibility and technical study for the construction of a smaller-scale, lower capital cost and higher grade underground mine on the Pumpkin Hollow project. The feasibility study and associated technical report are expected to be completed shortly and Nevada Copper will provide an update to the market when they are finalized.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO