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Gunnison Copper Announces Completion of Nebari Credit Agreement Amendment
Phoenix, Arizona--(Newsfile Corp. - April 24, 2025) - Gunnison Copper Corp. (TSX: GCU) (OTCQB: G...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Gunnison Copper Announces Completion of Nebari Credit Agreement AmendmentPhoenix, Arizona--(Newsfile Corp. - April 24, 2025) - Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) (\"Gunnison\") is pleased to announce that Gunnison, Gunnison's wholly-owned subsidiary Excelsior Mining Arizona, Inc. dba Gunnison Copper (\"Gunnison Arizona\") and Nebari Natural Resources Credit Fund I LP (\"Nebari\") have entered into to a Second Amended and Restated Credit Agreement (the \"Second ARCA\"). The Second ARCA encompasses certain amendments to the First Amended and Restated Credit Agreement dated December 22, 2021 (the \"First ARCA\") that were announced on March 3, 2025. The amendments provide for, amongst other matters, a suspension of principal amortization from February 1, 2025 until January 1, 2026, provide for potential partial conversion to equity of up to US$6.25 million of the principal amount at a price equal to US$0.2097 (converted from Cdn$0.30), and provide for a mechanism to repay a portion of the principal amount of the Second ARCA with proceeds to be received from sale of the previously announced 48C tax credits and through a potential refinancing process provide for an extension of the maturity date.The Amendments were subject to certain conditions including conditional approval of the Toronto Stock Exchange, approval from Greenstone Resources L.P. (\"Greenstone\") and Triple Flag, deferral of interest payments due under convertible debentures due to Greenstone and Triple Flag, certain agreements between Nebari and Triple Flag agreement and commencement of a work program by Gunnison to optimize certain opportunities identified in the preliminary economic assessment for the Gunnison Project. All of these conditions have now been satisfied. Nebari is at arm's length to the Company. There are no commissions or finders' fees payable in connection with the transactions discussed in this news release. ABOUT GUNNISON COPPERGunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District (the district), containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt. Its flagship asset, the Gunnison Copper Project, has a measured and indicated mineral resource containing over 831 million tons with a total copper grade of 0.31% (measu...