Nevada Copper has entered into a stalking horse asset purchase agreement with Southwest Critical Materials after voluntarily filing for Chapter 11 bankruptcy in June.
The company said the U.S. Bankruptcy Court and the Superior Court of Justice of Ontario have approved bidding procedures for use in connection with the sale process where Southwest Critical will serve as the stalking horse bidder, establishing a minimum purchase price ($128 million) for substantially all of the company’s assets.
Nevada Copper said the sales process remains ongoing in accordance with the terms of the bidding procedures, and other interested bidders are continuing their participation in the process.
The deadline to submit binding offers to purchase Nevada Copper’s assets is September 6. Following the deadline, an auction may be conducted.
Nevada Copper is the owner of the Pumpkin Hollow copper project in Nevada.
Source: Nevada Copper
