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New Pacific Metals Raises $19,950,000 From Exercise of Warrants by Pan American Silver and Silvercorp
VANCOUVER, British Columbia, May 22, 2019 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX-V:NUAG) (OTCQX:NUPMF) is pleased to
About this update from New Pacific Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, May 22, 2019 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX-V:NUAG) (OTCQX:NUPMF) is pleased to announce that it has raised gross proceeds of $19,950,000 as a result of 9,500,000 previously issued common share purchase warrants (the “Warrants”) being exercised (the “Warrant Exercise”) by Pan American Silver Corp. (“Pan American”) and Silvercorp Metals Inc. (“Silvercorp”). The Warrants were issued in connection with the Company’s strategic private placement of units completed in November 2017 pursuant to which Pan American subscribed for 16,000,000 units and Silvercorp subscribed for 3,000,000 units. Each unit was comprised of one common share of the Company (a “Common Share”) and one half of one Warrant. Each whole Warrant was exercisable into one Common Share at an exercise price of $2.10 per Common Share. Early Warning Report Information Pan American Prior to the Warrant Exercise, Pan American held approximately 12% of the total number of issued and outstanding Common Shares on a non-diluted basis, and approximately 16% of the issued and outstanding Common Shares on a fully-diluted basis, assuming the exercise of the Warrants then held by Pan American. Immediately following the Warrant Exercise, Pan American directly owned 24,000,000 Common Shares, including 16,000,000 previously acquired Common Shares pursuant to the November 2017 private placement and 8,000,000 Common Shares acquired through the Warrant Exercise, representing approximately 16.85% of the total number of issued and outstanding Common Shares on a non-diluted basis, and approximately 16.20% of the issued and outstanding Common Shares on a fully-diluted basis. Pan American’s acquisition of the additional Common Shares was made for investment purposes, and it may, in the future, acquire ownership and control over additional securities of New Pacific for investment purposes. The foregoing disclosure regarding Pan American’s holdings is being disseminated pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report will be filed on the System for Electronic Document Analysis and Review (SEDAR) under New Pacific's profile at www.sedar.com and may be obtained by ...