New Pacific Announces Silvercorp Participation in Bought Deal Financing
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VANCOUVER, British Columbia, May 26, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V: NUAG) (“New Pacific” or the “Company”) is pleased to announce that Silvercorp Metals Inc. (“Silvercorp”) has indicated its intent to participate in the Company’s bought deal financing (the “Offering”), previously announced on May 19, 2020, by purchasing common shares of the Company ("Common Shares") to maintain its pro rata interest of 28.8% of the outstanding Common Shares pursuant to its participation right and further increase its interest by 100,000 Common Shares, for an aggregate of 1,320,710 Common Shares.
The Offering is expected to close on or about June 9, 2020 and is subject to the Company receiving all necessary regulatory and stock exchange approvals. Upon completion of the Offering, Silvercorp will own, directly or indirectly, 43,917,216 Common Shares, representing an approximate 28.87% ownership interest in the Company, assuming the over-allotment option is not exercised.
Silvercorp is a related party of the Company for the purposes of Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101") and the acquisition by Silvercorp of Common Shares pursuant to the Offering is a related party transaction. The acquisition of Common Shares by Silvercorp pursuant to the Offering is exempt from the valuation and minority approval requirements of MI 61-101 pursuant to the exemptions in Sections 5.5(a) and 5.7(a) of MI 61-101.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company which owns the Silver Sand Project, in the Potosí Department of Bolivia, and the Tagish Lake Gold Project in Yukon, Canada.
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For further information, please contact:
New Pacific Metals Corp.
Gordon Neal
President
Phone: (604) 633-1368
Fax: (604) 669-9387
info@newpacificmetals.com
www.newpacificmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.