The purchase price under the agreement is $128m Kinterra Capital is a Toronto-based private equity firmThe firm invests in minerals assets and strategic infra necessary for the energy transition
Nevada Copper has agreed to an asset sale in a stalking horse asset purchase agreement with Southwest Critical Materials, an affiliate of Kinterra Capital.
The purchase price under the agreement is $128 million plus the buyer’s obligation to pay certain cure costs with an adjustment for the assumption of certain liabilities.
Based in Vancouver, Nevada Copper is a mining company and the owner of the Pumpkin Hollow copper project in Nevada.
The company filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court of the District of Nevada on 10 June. A sales process in accordance with Section 363 of the US Bankruptcy Code was initiated by Nevada Copper with Moelis & Company, which was retained to assist with the process.
The company’s sales process remains ongoing and other interested bidders are continuing their participation. Multiple non-binding indications of interest were submitted to the Nevada Copper, the company said in a statement, and due diligence by various bidders is actively underway. The deadline to submit binding offers to purchase substantially all the company’s assets is 6 September.
Nevada Copper was under delisting review by the Toronto Stock Exchange (TSX) as a result of the Chapter 11 proceedings and its shares currently remain halted from trading. The TSX has completed its review and ordered that the company’s shares be delisted effective 21 August.
Kinterra Capital is a Toronto-based private equity firm that invests in and develops key critical minerals assets and strategic infrastructure necessary for the energy transition.
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Publish date : 2024-08-13 03:49:00
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