|By Marketwired .||
|August 26, 2014 11:38 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/26/14 -- Nevada Copper Corp. (TSX: NCU) (the "Company") is pleased to announce that it has closed a US$20 million bridge loan facility ("Facility") with Pala Investments Limited ("Pala").
The initial term of the facility is four months, with up to two additional two month extensions. The Facility will be drawn in US$5 million tranches. The annual interest rate is 10% and with a 2.7% arrangement fee payable during the initial term. The Facility is secured against the Company's assets, but is subordinate to the security granted in connection with the US$200 million senior credit facility announced by the Company on March 28, 2013.
Giulio Bonifacio, President and CEO, comments: "We are very pleased that Pala, our major shareholder, has provided their continued support by way of this Facility. The Facility provides additional time to fully optimize the funding mix for the balance of Stage 1 capex, while also allowing the Company to further evaluate the various strategic opportunities currently under review.
During the period of the Facility, we will continue sinking of our main production shaft and further advance the Stage 2 Land Bill and permitting."
The Company has developed a virtual tour of the project which can be experienced by visiting the following link: http://www.nevadacopper.com/s/VirtualTour.asp.
About Nevada Copper
The Company's advanced stage Pumpkin Hollow project in Nevada consists of a fully permitted 6,500 tons/day Stage 1 underground copper mine development, currently in construction, and a nearby Stage 2, 70,000 tons/day open pit project in the permitting phase. Expected average copper production for the first five years is 75 Mlbs/year from the Stage 1 underground mine and 221 Mlbs/year from the Stage 2 open pit mine.
The project is located near Yerington, Nevada, close to road, rail, and power infrastructure, and with all future water supply requirements met.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.
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