Last $0.02 USD
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Volume 15.7K
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As of 5:20 PM 09/22/14 All times are local (Market data is delayed by at least 15 minutes).

nord resources corp (NRDS) Key Developments

Nord Resources Enters into Forbearance and Loan Modification Agreement with Nedbank Limited

Nord Resources Corporation announced that it has entered into a Forbearance and Loan Modification Agreement with Nedbank Limited dated September 9, 2014. Under the Agreement, Nedbank has agreed to forbear from the exercise of its rights and remedies, as specified in the Second Amended and Restated Credit Agreement by and between Nedbank and Company dated March 31, 2009, in respect of approximately $52 million due and owing to Nedbank and its affiliates under the Company's secured term loan facility, copper hedge program and interest rate swap program, for a period of up to 45 days. In addition Nedbank has agreed to lend the Company up to $350,000 in new advances through a revolving credit facility in order to help fund critical budgeted operating expenses at the Johnson Camp Mine during the forbearance period. The new advances will bear interest at LIBOR plus 8.5% per annum. All advances and interest thereon shall mature and become due and payable upon the termination or expiry of the forbearance period under the Forbearance Agreement, and are secured against the Company's assets.

Nord Resources Corporation Enters into an Extension Agreement with Red Kite Master Fund Limited with Respect to Replacement Cathode Sales Agreement

Nord Resources Corporation has entered into an extension agreement with respect to its replacement cathode sales agreement with Red Kite Master Fund Limited that covered the period from January 1, 2013 through December 31, 2013, for 100% of the copper cathode production from the Johnson Camp Mine. The extension runs through September 30, 2014 with renewable extensions by mutual agreement of both parties. Pursuant to the agreement, Red Kite will accept delivery of the cathodes at the Johnson Camp Mine, and pricing will be based on the COMEX price for high-grade copper on the date of sale. Red Kite is a large metals hedge fund and physical trader.

Nord Resources Corp. announced delayed 10-Q filing

On 05/20/2014, Nord Resources Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Nord Resources Corp. announced delayed annual 10-K filing

On 03/27/2014, Nord Resources Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Nord Resources Corp. Announces Extension of Copper Sales Agreement

Nord Resources Corporation announced that it has extended copper cathode sales agreement with Red Kite Master Fund Limited for 100% of the production from the Johnson Camp Mine, given the expiry of the replacement copper cathode sales agreement between the parties that was in place from January 1, 2013 through September 30, 2013. The agreement runs through December 31, 2013 with renewable extensions by mutual agreement of both parties. Pursuant to the agreement, Red Kite accepts delivery of the cathodes at the Johnson Camp Mine, and pricing is based on the COMEX price for high-grade copper on the date of sale.

 

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