10:28:40 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Nevada Copper Corp
Symbol NCU
Shares Issued 80,496,458
Close 2012-11-27 C$ 3.52
Market Cap C$ 283,347,532
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Nevada Copper denies wrongdoing in Mercator share case

2012-11-26 13:44 ET - Street Wire

Also Street Wire (C-ML) Mercator Minerals Ltd

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by Mike Caswell

Nevada Copper Corp. denies that it did anything wrong when it acquired 46 million shares of Mercator Minerals Ltd. The company is responding to a lawsuit in which Mercator claimed that Nevada Copper violated a confidentiality agreement in buying the shares. In its response, Nevada Copper says the confidentiality agreement no longer applied by the time it acquired the stock.

The dispute between the companies began on Nov. 13, 2012, when Mercator Minerals filed a notice of claim in the Supreme Court of British Columbia against Nevada Copper. The suit claimed that Nevada Copper had signed a confidentiality agreement on May 18, 2012, in which it agreed that it would not acquire more than 10 per cent of Mercator's shares. The companies were negotiating a "possible transaction" at the time.

Several months later, on Oct. 9, 2012, Nevada Copper acquired 46 million Mercator shares, in violation of the confidentiality agreement, the suit claimed. The stock, which Nevada Copper purchased in an off-market deal, represented 17.6 per cent of Mercator's outstanding shares.

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