Nevada Copper Corp. (TSX:NCU) announced that it has entered a share purchase agreement with Pala Investments Limited. Under the terms of the agreement, Nevada Copper will purchase 46,000,000 common shares of Mercator Minerals Ltd. The completion of the share purchase is expected to be completed by October 12, 2012.
As quoted in the press release:
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.