500,000 additional units to help fund exploration and development
By Jennifer Chiou '
New York, Dec. 6 - New Pacific Metals Corp. announced the increase of its private placement of units to C22.95 million from the C$21.6 million planned on Friday. There is still a C$1.35 million greenshoe for the deal.
Specifically in the brokered deal, the company will sell 10.5 million - up from 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 6.5 million units on a non-brokered basis with the same terms. It had planned 6 million of the units previously.
Settlement is expected on 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$22.95 million
|
| Greenshoe: | C$1.35 million
|
| Units: | 17 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$14.175 million), non-brokered (for C$8.775 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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