Nevada Copper Updates on Sale Progress with Kinterra's Bid
Nevada Copper Updates on Sale Process and Kinterra Bid
Nevada Copper Corp. (OTC: NEVDQ) is taking significant steps as it navigates through its sale process and bankruptcy proceedings. The company is pleased to announce an important update regarding its asset purchase agreement.
Asset Purchase Agreement Details
In an agreement with Southwest Critical Minerals LLC, an affiliate of Kinterra Capital Corp., Nevada Copper has entered into a deal to sell substantially all its assets. The negotiated purchase price stands at US$128 million, along with the Buyer's commitment to handle certain legal and contractual aspects.
Sale Process Context
This asset purchase agreement was executed as a stalking horse bid under U.S. Bankruptcy Code, specifically Section 363. This motion came about following the company's voluntary filing for relief under Chapter 11 in a Nevada Bankruptcy Court. As part of the approved bidding procedures, interested buyers had until a specified deadline to make binding offers. Unfortunately, despite the active interest from multiple bidders, no alternative bids emerged. Thus, the board of directors named Southwest Critical Minerals LLC as the successful bidder.
Potential Closing Timeline
The transaction is awaiting final approval, with hearings scheduled in both the U.S. Bankruptcy Court and a Superior Court in Ontario. While many uncertainties surround the situation, including procedural conditions, there is optimism regarding a closing date in the near future. However, it's essential to note that completion of this transaction cannot be guaranteed within the anticipated timelines, and various customary requirements must be fulfilled.
Financial Impact and Use of Proceeds
Should the sale proceed as planned, the resultant funds are projected to be allocated towards satisfying claims from creditors as part of Nevada Copper's bankruptcy process. The strategic decisions being made now are aimed at stabilizing the company's financial standing.
Important Regulatory Changes
Subsequent to earlier communications, it was confirmed that the company's shares and warrants were delisted from the Toronto Stock Exchange following significant operational changes. Moreover, the British Columbia Securities Commission has issued a cease trade order against the company due to delays in filing essential financial documents.
Future Prospects of Nevada Copper
Nevada Copper remains committed to its foundational projects, particularly the Pumpkin Hollow copper project renowned for its substantial mineral reserves. While navigating these challenging times, the company's core objective is to protect shareholder interests and enhance its operational strategy.
About Nevada Copper Corp.
Nevada Copper is recognized for owning the Pumpkin Hollow copper project, which boasts a rich array of mineral reserves including copper, gold, and silver. The company has fully permitted projects focusing on both high-grade underground mining and expansive open-pit development.
Frequently Asked Questions
What is the status of the asset sale?
The asset sale to Southwest Critical Minerals LLC was designated as the successful bid after no alternative bids emerged.
What does the agreement include?
The agreement includes a purchase price of US$128 million along with the Buyer's commitment to assume certain liabilities and contracts.
When is the expected closing of the transaction?
The transaction is expected to close soon, pending court approvals and satisfaction of customary closing conditions.
What will happen with the proceeds from the sale?
Proceeds are expected to be managed and distributed to the creditors involved in Nevada Copper's bankruptcy proceedings.
What is the future outlook for Nevada Copper?
Nevada Copper aims to stabilize its operations and advance its projects while managing the sale and bankruptcy process effectively.
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