VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/05/12 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the "Company") is pleased to announce that it has entered into a share purchase agreement with Pala Investments Limited ("Pala Investments") dated October 4, 2012, pursuant to which Nevada Copper has agreed to purchase (the "Share Purchase") an aggregate of 46,000,000 common shares of Mercator Minerals Ltd. ("Mercator") representing approximately 17.8% of the issued and outstanding common shares of Mercator from Pala Investments in consideration for the issuance of 7,315,000 common shares of Nevada Copper. The percentage ownership disclosed does not reflect the issuance of additional Mercator common shares pursuant to the private placement financing announced on October 1, 2012.
The completion of the Share Purchase is subject to the satisfaction of certain conditions which are customary for transactions of this nature, including the approval of the Toronto Stock Exchange. Completion of the Share Purchase will occur upon satisfaction or waiver of such conditions but in any event on or before October 12, 2012.
Pala Investments is currently an insider of Nevada Copper and holds an aggregate of 27,381,981 common shares of the Company representing approximately 37.4% of the current issued and outstanding common shares. Upon completion of the Share Purchase, Pala Investments will hold an aggregate of 34,696,981 common shares of the Company representing approximately 43.1% of the then-issued and outstanding common shares of the Company.
Nevada Copper intends to purchase Pala Investment's shares in Mercator for investment purposes. Depending upon market conditions and other factors that Nevada Copper may deem material to its investment decisions, additional shares may be purchased in the open market or in private transactions. Depending on these same factors, the shares currently owned (or hereafter purchased) by Nevada Copper may be sold in the open market or in private transactions.
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbor.