Proceeds to fund exploration and development, general working capital
By Devika Patel
Knoxville, Tenn., Dec. 22 - New Pacific Metals Corp. said it completed a private placement of units. The deal priced for C$13.5 million on Dec. 3 and was increased to C$14.18 million with a C$1.35 million greenshoe on Dec. 7.
The deal priced concurrently with a non-brokered offering, which was also increased on Dec. 7 to C$8.78 million from C$8.1 million.
The company raised the full amounts for both sales, and the greenshoe was fully exercised for a total of C$24.3 million.
In the brokered deal, the company sold 11.5 million units of a common share and a half-share warrant at C$1.35 per unit. Of the units, 1 million were part of the fully exercised greenshoe.
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 was conducted on a best-efforts basis by Salman Partners Inc. and Raymond James Ltd.
The company also sold 6.5 million units on a non-brokered basis with the same terms.
Proceeds will be used for exploration and development activities of New Pacific's exploration projects and general working capital.
Vancouver, B.C.-based New Pacific is a gold-polymetallic exploration company.
| Issuer: | New Pacific Metals Corp.
|
| Issue: | Units of a common share and a half-share warrant
|
| Amount: | C$24.3 million, including fully exercised C$1.35 million greenshoe
|
| Units: | 18 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$14,175,000), non-brokered (for C$8,775,000)
|
| Pricing date: | Dec. 3
|
| Upsized: | Dec. 7
|
| Settlement date: | Dec. 22
|
| Stock symbol: | TSX Venture: NUX
|
| Stock price: | C$1.60 at close Dec. 2
|
| Market capitalization: | C$74.64 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
