Proceeds to fund exploration and development, general working capital
By Devika Patel
Knoxville, Tenn., Dec. 3 - New Pacific Metals Corp. said it will conduct a private placement of units. There is a C$1.35 million greenshoe for the C$13.5 million brokered deal, which will close concurrently with a C$8.1 million non-brokered offering.
In the brokered deal, the company will sell 10 million units of a common share and a half-share warrant at C$1.35 per unit.
Each whole warrant will be exercisable at C$2.00 for 18 months. The strike price reflects a 25% premium to the Dec. 2 closing share price of C$1.60.
The deal will be conducted on a best-efforts basis by Salman Partners Inc. and Raymond James Ltd.
The company will also sell 6 million units on a non-brokered basis with the same terms.
Settlement is expected Dec. 22.
Proceeds will be used for exploration and development of New Pacific's exploration projects and for general working capital.
Vancouver, B.C.-based New Pacific is a gold-polymetallic exploration company.
| Issuer: | New Pacific Metals Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$21.6 million
|
| Greenshoe: | C$1.35 million
|
| Units: | 16 million
|
| Price: | C$1.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.00
|
| Agents: | Salman Partners Inc. and Raymond James Ltd. (for C$13.5 million), non-brokered (for C$8.1 million)
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 22
|
| Stock symbol: | TSX Venture: NUX
|
| Stock price: | C$1.60 at close Dec. 2
|
| Market capitalization: | C$70.57 million
|
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