Nevada Copper Commences Bankruptcy Proceedings

Nevada Copper (TSE:NCU) has released an update.

Nevada Copper Corp. has filed for Chapter 11 bankruptcy after failing to secure necessary funding or a change of control transaction, halting its business operations. The company, which owns the Pumpkin Hollow copper project, has obtained a commitment for $60 million in debtor-in-possession financing to support a restructuring process, with plans to preserve its assets without continuing operations. Additionally, Tom Albanese has been appointed as the new Chair of the Board of Directors following the resignation of Randy Buffington.

For further insights into TSE:NCU stock, check out TipRanks’ Stock Analysis page.