Nevada Copper Sees Mercuria Holdings Nominee Step Down From Board As Bankruptcy Nears
Nevada Copper (TSX: NCU) has seen the resignation of another director from its board of directors as of this morning. The departure follows the revelation yesterday that the company is likely headed for creditor protection.
The latest director to make their exit is Guillaume de Dardel. The departure is notable, considering de Dardel was the nominee of Mercuria Holdings (Singapore) Pte. Ltd., a major shareholder of Nevada Copper whom currently holds roughly a 17.24% interest.
The departure follows that of Stephen Gill and Evgenij Iorich, whom announced their exit from the board of directors yesterday. Those two were representatives of Pala Investments, a fund that holds a 61.66% interest in the entity.
READ: Nevada Copper Likely Headed For Creditor Protection As It Fails To Source Funding
The departures suggest that neither Mercuria Holdings, nor Pala Investments, intend to further fund Nevada Copper. The company said yesterday that it needs urgent funding for its Pumpkin Hollow mine, with operations already being scaled down to reflect the financial position.
Without further funding the company stated that it will be forced to enter into creditor protection. At this time, it has been unable to source additional funding, with current shareholders unwilling to fund the development and commissioning of the mine further.
Nevada Copper last traded at $0.03 on the TSX.
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