Nevada Copper ^[1] (TSE:NCU) announced Friday that Zhongtiaoshan Non-ferrous Metals Group (ZTS) has agreed to a $2 million debenture subject to the approval of the Toronto Stock Exchange.  ZTS is a Chinese state-owned enterprise that has mined, refined and processed copper since 1956.

The debenture can be converted at $1.00 per share which is a 77% premium over the 30 day weighted average closing price for NCU.  NCU also has the option to force the conversion if the company's shares trade for 20 consecutive trading days at over $1.35 per share.  The debenture matures in 18 months and pays 7% per annum interest.  NCU can repay the debenture and interest after 6 months. 

Click here for the full press release ^[2].