NEW YORK, NEW YORK--(Marketwired - July 9, 2014) - Electrum Strategic Resources L.P. ("Electrum") announces that it acquired ownership of 2,760,870 units (the "Units"). Each Unit consisted of one common share ("Shares") in the capital of NovaCopper Inc. ("NovaCopper") and one common share purchase warrant (the "Warrants") entitling the holder(s) thereof to purchase one additional common share (a "Warrant Share") at an exercise price of US$1.60 per Warrant Share at any time prior to July 7, 2019. The Units were acquired in a treasury private placement which closed on July 7, 2014.
Electrum owns 16,022,449 Shares representing 26.60% of the issued and outstanding Shares. Electrum also owns Warrants exercisable for 2,760,870 Shares which, if exercised, would result in Electrum owning approximately 29.82% of the issued and outstanding Shares.
The Warrants and Shares referred to above are held for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.
Electrum is located at 535 Madison Avenue, 11th Floor, New York, NY, USA 10022. A copy of the early warning report relating to this acquisition can be obtained from Lillian Saldanha (646-365-1600) or on the SEDAR profile of NovaCopper at www.sedar.com.
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Source: Electrum Strategic Resources L.P.