Nevada Copper Announces Funding Update
YERINGTON, Nevada, October 01, 2021 (GLOBE NEWSWIRE) – Nevada Copper Corp. (TSX: NCU) (OTC: NEVDD) (“Nevada Copper“or the”Society“) is pleased to announce that the Company has received a further extension of the waiver from KfW IPEX-Bank (“KfW“), the Company’s primary project lender, until October 31, 2021 to complete the project completion test (the”Long project shutdown date“) under the Company’s Amended and Restated Credit Agreement (the”Modified KfW installation“). As previously announced, the Company and KfW are in talks regarding a longer term extension of the Longstop Date of the Project. While nothing can be guaranteed, the Company expects to complete this longer term extension and finalize certain other modifications, including payment deferrals, to the modified KfW facility by the end of October.
As a condition of KfW’s most recent waiver, Pala Investments Limited (“Pala“), the principal shareholder of the Company, will make a new loan of US $ 12 million to the Company pursuant to a promissory note entered into between Pala and the Company (the”Promissory note“). The promissory note has essentially the same terms as the amended and restated promissory note issued by the company to Pala, as described in the company’s press release of August 31, 2021, however, no commission from arrangement is only payable to Pala under the promissory note. The promissory note has been reviewed and approved by a committee of independent directors of the Company.
Effective September 30, 2021, Justin Cochrane resigned from the Board of Directors of the Company (the “Plank”) In order to focus on the other companies in which he is involved and to reduce the number of boards of directors on which he sits.
“On behalf of the Society, I would like to thank Justin Cochrane for his contribution to the Society and wish him every success in his future endeavors,” said Stephen Gill, Chairman of the Board.
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 significant reserves and resources, including copper, gold, and silver. Its two fully licensed projects include the high-grade underground mine and processing facility, which are now in production, and a large-scale surface mine project, which is progressing to feasibility status.
NEVADA COPPER CORP.
Mike Brown, Interim President and CEO
For more information contact:
Rich Matthews, Investor Relations
+1 604 757 7179
This press release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements contained in this press release, other than statements of historical fact, are forward-looking statements. These forward-looking statements and forward-looking information specifically include, but are not limited to, statements relating to expansion and changes in connection with the modified KfW facility.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted ”,“ budget ”,“ planned ”,“ estimates ”,“ forecasts ”,“ intention to ”,“ foresees ”or“ believes ”or the negative aspects of these or variations of these words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “could” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be interpreted as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause actual results and events to differ materially from future results, performance or achievements expressed or implied by such statements or information. prospective.
These risks and uncertainties include, but are not limited to, those related to: the Company’s ability to complete the ramp-up of its underground mine on time and on estimated costs; additional capital requirements and no assurance can be given as to their availability; the impact of the COVID-19 pandemic on the Company’s business and operations; the state of financial markets; loss history; dilution; adverse events related to grinding operations, construction, development and ramp-up, including the Company’s ability to resolve underground development and processing plant issues; failure to obtain extensions and modifications to the modified KfW facility; soil conditions; cost overruns related to the development, construction and ramp-up of its underground mine; loss of material properties; interest rates rise; Mondial economy; limited history of production; future fluctuations in metal prices; speculative nature of exploration activities; periodic interruptions of exploration, development and mining activities; environmental risks and liability; work accident; failure of processing and mining equipment to perform as intended; labor disputes; supply problems; uncertainty of production and cost estimates; interpretation of drilling results and estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, mineralization grade or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increasing costs and physical risks associated with climate change, including extreme weather events, and new or revised climate change regulations; permits and licenses; volatility of the market price of the Company’s securities; Assurance; competetion; hedging activities; currency fluctuations; loss of key employees; other mining industry risks as well as the risks discussed in the Company’s management report for the year ended December 31, 2020 and in the section entitled “Risk Factors” of the Company’s annual information form dated December 18, 2020. March 2021. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those described in the forward-looking statements or information. In particular, there can be no assurance that the extension and modifications of the modified KfW installation or the conditions for their effectiveness will be carried out at all or within the time necessary, in which case the Company may have to cease its activities in the absence of an alternative financing operation. Forward-looking information or statements are made as of the date hereof. Nevada Copper disclaims any intention or obligation to update any forward-looking statements or information, except as required by law. Readers are referred to additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with securities regulatory authorities in Canada. Although the Company has attempted to identify material factors which could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which could cause actions, events or results are not as expected, estimated or expected. For more information about Nevada Copper and the risks and challenges facing its business, investors should consult the Nevada Copper filings which are available at www.sedar.com.
Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Therefore, readers should not place undue reliance on forward-looking statements or information.