Announcement • Dec 19
Second Motion for Exclusivity Period Extension Approved For Nevada Copper, Inc. The US Bankruptcy Court granted second order for the extension of the exclusivity periods for Nevada Copper, Inc. on December 17, 2024. As per the order, the debtor’s exclusivity period to file its plan has been extended by 62 days i.e. up to January 8, 2025, and to solicit votes on its plan has been extended by 60 days i.e. up to March 10, 2025, respectively. Announcement • Oct 10
Southwest Critical Materials, LLC completed the acquisition of Substantially All of the Assets from Nevada Copper Corp. (TSX:NCU). Southwest Critical Materials, LLC agreed to acquire Substantially All of the Assets from Nevada Copper Corp. (TSX:NCU) for approximately $130 million on August 12, 2024. A cash consideration of $128 million will be paid by Southwest Critical Materials, LLC. The purchase price under the Stalking Horse APA is US$128 million plus the Buyer’s obligation to pay certain cure costs with an adjustment for the assumption of certain liabilities. The consummation of the Stalking Horse Bid is subject to closing conditions that are customary for transactions of this nature under Section 363 of the U.S. Bankruptcy Code, including compliance with the Bidding Procedures and approval of the Courts. A sales process in accordance with Section 363 of the U.S. Bankruptcy Code was initiated by the Company with Moelis & Company LLC who was retained to assist with the process. Lara Aryani, Fredric Sosnick, Sara Coelho of Allen & Overy LLP acted as legal advisor to Nevada Copper Corp. Gianluca Bacchiocchi, Adam Goldberg, Daniel Mun, Charles Carpenter and Ben Kaplan of Latham & Watkins LLP acted as legal advisor to Kinterra Capital Corp.
On September 27, 2024, the U.S. Bankruptcy Court entered an order (i) approving the sale of assets free and clear of all encumbrances, and interests, (ii) authorizing the assumption by and assignment to the Buyer of certain executory contracts and unexpired leases, and (iii) granting customary related relief (the “Sale Order”). On October 2, 2024, the Superior Court of Justice (Commercial List) of Ontario granted a Recognition and Vesting Order under the Companies’ Creditors Arrangement Act (Canada), which recognized the Sale Order in all Provinces and Territories of Canada. The Transaction closed following these approvals and the satisfaction of the remaining closing conditions. The proceeds from the Transaction are expected to be administered and distributed to certain creditors, subject to court approval, in the Company’s bankruptcy process. There will not be sufficient proceeds from the Transaction to allow for any payments to the holders of the Company’s common shares.
Southwest Critical Materials, LLC completed the acquisition of Substantially All of the Assets from Nevada Copper Corp. (TSX:NCU) on October 9, 2024. Latham & Watkins LLP acted as legal advisor and bankruptcy counsel to Kinterra, Holland & Hart LLP acted as legal advisor on Nevada specific matters, and Davies Ward Phillips & Vineberg LLP as Canadian counsel. Announcement • Oct 05
First Motion for Exclusivity Period Extension Approved For Nevada Copper, Inc. The US Bankruptcy Court granted an order for the extension of the exclusivity periods for Nevada Copper, Inc. on October 3, 2024. As per the order, the debtor’s exclusivity period to file its plan has been extended by 62 days i.e. up to December 9, 2024, and to solicit votes on its plan has been extended by 60 days i.e. up to February 6, 2025, respectively. 
