The Vancouver-based miner said the emergency funding will be used to support care and maintenance at Pumpkin Hollow, as well as other financial needs during the Chapter 11 process. The miner had said earlier in the year that it would need about $10 million to keep Pumpkin Hollow idled
Nevada Copper also said it would request final approval for the remaining $40 million from Elliot to ensure liquidity for the remainder of the restructuring period during which it will continue paying employees’ wages and benefits.
Elliott owns two-thirds of Triple Flag Precious Metals Corp. (TSX, NYSE: TFPM), a streaming company that invested in Nevada Copper’s operations.
Before last week’s bankruptcy filing, Nevada Copper had garnered interest from two unnamed potential buyers, but was unable to finalize a deal with either, it said.
The company had said earlier this year it required additional funding to meet ongoing challenges at Pumpkin…
