Nevada Copper obtains $200 million senior secured loan facility

By Marisa Wong

Madison, Wis., March 28 - Nevada Copper Corp. said it closed a $200 million senior secured loan facility and copper concentrate off-take agreement with RK Mine Finance.

The loan facility matures on Jan. 3, 2019.

Interest is equal to Libor plus 600 basis points.

Principal and interest are repayable in equal quarterly installments beginning April 2015, and mandatory prepayments equal to 20% of excess cash are required.

Proceeds will be used for constructing an underground mining operation at the company's 100% owned Pumpkin Hollow copper project located near Yerington, Nev.

The mining company is based in Vancouver, B.C.

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