Nevada Copper Closes CDN$ 10.5 Million Financing With Red Kite and Pala

Nevada Copper Corp. (TSX:NCU) announced that its convertible subordinated loan facility with Pala Investments Ltd, originally announced in the Company’s news release dated April 5, 2016, has become effective, and Pala has funded a US$5 million (Cdn$6.6 million) advance thereunder.
Nevada Copper President and CEO, stated:

Closing of the debt transactions and the expected successful closing of the equity offering will bring net proceeds of approximately $14 million into our treasury. This funding is more than adequate to maintain the “shovel-ready” status of our permitted Pumpkin Hollow Copper Project into 2017, and to provide the time necessary to secure a strategic transaction that will yield maximum benefits to all stakeholders. While we have experienced an extraordinarily challenging period in the mining sector, these combined transactions demonstrate the implicit value of Pumpkin Hollow, which has been significantly derisked, and is fully-permitted with a 1900 foot production-sized shaft and over 600 feet of lateral development.

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