Yerington, NV – October 1, 2021 – Nevada Copper Corp. (TSX: NCU) (OTC: NEVDD) (“Nevada Copper” or the “Company”) is pleased announce that the Company has received a further extension of the waiver from KfW IPEX-Bank (“KfW”), the Company’s senior project lender, to October 31, 2021 to complete the project completion test (the “Project Longstop Date”) under the Company’s amended and restated credit agreement (the “Amended KfW Facility”). As previously announced, the Company and KfW are in discussions regarding a longer-term extension of the Project Longstop Date.
While there can be no assurance, the Company expects to enter into this longer-term extension and finalize certain other amendments, including payment deferrals, to the Amended KfW Facility by the end of October.
As a condition to the most recent waiver from KfW, Pala Investments Limited (“Pala”), the Company’s largest shareholder, will provide a new US$12 million loan to the Company pursuant to a promissory note entered into between Pala and the Company (the “Promissory Note”). The Promissory Note has substantially the same terms as the amended and restated promissory note issued by the Company in favour of Pala, as described in the Company’s August 31, 2021 press release, however, no arrangement fee is payable to Pala under the Promissory Note. The Promissory Note was reviewed and approved by a committee of independent directors of the Company.
Effective September 30, 2021, Justin Cochrane resigned from the Company’s board of directors (the “Board”) in order to focus on the other businesses that he’s involved with and to reduce the number of boards on which he sits.
“On behalf of the Company, I would like to thank Justin Cochrane for his contributions to the Company and wish him success in his future endeavours,” stated Stephen Gill, Chairman of the
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project.
Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper,
gold and silver. Its two fully permitted projects include the high-grade underground mine and
processing facility, which is now in the production stage, and a large-scale open pit project, which is
advancing towards feasibility status.