By Sheri Kasprzak
New York, Feb. 22 - New Pacific Metals Corp. priced a C$12.5 million private placement.
The non-brokered deal includes up to 5 million units at C$2.50 each.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$3.00 for one year.
Silvercorp Metals Inc., one of the company's existing shareholders, will buy 1 million of the units.
Proceeds will be used for work on the company's Kang Dian nickel and copper project and for general operating capital.
Vancouver, B.C.-based New Pacific is a mineral exploration company.
| Issuer: | New Pacific Metals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$12.5 million
|
| Units: | 5 million
|
| Price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$3.00
|
| Placement agent: | Non-brokered
|
| Pricing date: | Feb. 22
|
| Stock symbol: | TSX Venture: NUX
|
| Stock price: | C$2.93 at close Feb. 22
|
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