Nevada Copper to raise $378 mln in recap, construction funding

Vancouver-based metals and mining company Nevada Copper Corp (TSX: NCU) has agreed to raise US$378 million in business recapitalization and construction financing for its Pumpkin Hollow project in Nevada. The funds will be supplied by Triple Flag Mining Finance, Pala Investments, Red Kite Mine Finance, Concord Resources and other investors. Pala, a Swiss private equity firm, will as a result grow its stake in the company to 54.8 percent of outstanding shares, and 72 percent if it discharges backstop obligations under the deal's equity offering. Nevada said the deal will create a stronger balance sheet and move Pumpkin Hollow to first production in 2019.

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