YERINGTON, Nev., June 17, 2024 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) and its subsidiaries (collectively, “Nevada Copper” or the “Company”) today announced an update on its Chapter 11 bankruptcy process and management appointments.
The Company has received orders from the Bankruptcy Court of the District of Nevada, including interim approval of its debtor-in-possession financing, through which the Company has been authorized to proceed with an initial borrowing of US$20 million under its previously announced US$60 million debtor-in-possession financing commitment. This borrowing will fund the Company’s care and maintenance and other requirements during the Chapter 11 process. The Company intends to seek a final order approving the remainder of the borrowing to provide it with liquidity for the balance of the restructuring period. The Company also received approval to continue wages…
