By Laura Lutz
Washington, March 19 - New Pacific Metals Corp. settled an oversubscribed private placement of units for C$12,937,500.
The non-brokered deal included 5.175 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.
The placement priced on Feb. 22 as a C$12.5 million offering of up to 5 million units.
Silvercorp Metals Inc., one of the company's existing shareholders, bought 900,000 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.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$12,937,500
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Units: | 5.175 million
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Price: | C$2.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$3.00
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Placement agent: | Non-brokered
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Pricing date: | Feb. 22
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Settlement date: | March 19
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Stock symbol: | TSX Venture: NUX
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Stock price: | C$2.93 at close Feb. 22
|
Stock price: | C$2.70 at close March 16
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