/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 6, 2019 /CNW/ - Pala Investments Limited ("Pala") announced today that it has agreed to acquire an additional 31,435,345 common shares (the "Shares") of Nevada Copper Corp. ("Nevada Copper") pursuant to a share purchase agreement (the "SPA") dated May 6, 2019 with RK Mine Finance Master Fund 1 Limited. The Shares were acquired at a price of CDN$0.40 per Share for total consideration of CDN$12,574,138. Following the acquisition of the Shares pursuant to the SPA, Pala will hold an aggregate of 273,049,447 Shares and 5,000,000 warrants exercisable for a total of 5,000,000 Shares (the "Existing Warrants"), representing approximately 41.25% of the issued and outstanding Shares on a non-diluted basis (or 41.69% on a partially diluted basis after giving effect to the exercise of all Existing Warrants). Immediately prior to entering into the SPA, Pala held 241,614,102 common shares of Nevada Copper and the Existing Warrants. The closing of the SPA is expected to occur by May 9, 2019. The Shares are being acquired from a single person pursuant to the private agreement exemption in Section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids.
Nevada Copper owns 100% of the Pumpkin Hollow Copper Development Property located in Nevada, United States, a large advanced stage development copper property with substantial reserves and resources including copper, gold, silver.
Pala is acquiring the Shares for investment purposes and may increase or decrease the investment in the securities of Nevada Copper depending on its evaluation of the business, prospects and financial condition of Nevada Copper, the market for Nevada Copper's securities, general economic and tax conditions and other factors.
Nevada Copper is a corporation organized under the laws of British Columbia with its head office at Suite 598 – 999 Canada Place, Vancouver, British Columbia, Canada V6C 3E1. Pala is a company existing under the laws of Jersey and its address is 12 Castle Street, St. Helier, Jersey JE2 3RT.
Pala is an investment company focused exclusively on the mining sector with a strong track record of successful investments and value creation. Pala's team has extensive experience within the sector and seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative solutions in development, production, turnaround and advanced exploration situations. Pala invests across all geographies and in all mining commodities as well as mining services and consumables. For more information, visit www.pala.com.
SOURCE Pala Investments Limited
For further information: please refer to the Early Warning Report filed on SEDAR under Nevada Copper's profile or contact John Nagulendran at +41 41 560 9070.