Kinterra designated successful bidder of bankrupt Nevada Copper
Toronto-based private equity firm Kinterra Capital has been designated as the successful bidder for bankrupt miner Nevada Copper.
Kinterra will acquire the company for $128-million, having emerged as the winning bidder after the stalking horse bid did not attract any alternative offers in the sales process.
Under the bidding procedures approved by the US Bankruptcy Court, the deadline to submit other binding offers to purchase substantially all of Nevada Copper’s assets expired on September 6. Despite multiple bidders conducting active due diligence, the sale process did not result in an alternative qualified bid.
The final approval of the transaction would be heard by the US Bankruptcy Court and the Superior Court of Justice of Ontario later this month and the transaction would close in October.
Nevada Copper is the owner of the Pumpkin Hollow copper project located in Nevada, with substantial mineral reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility and a large-scale openpit prefeasibility study stage project.
The company's stock was delisted from the TSX in August.
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