New Pacific Metals Corp (CVE:NUAG) has closed a previously announced bought deal offering worth $25 million, which it plans to put toward exploration and development at its Silver Sand project and others in Bolivia.
The company offered more than 4.2 million common shares at a price of $5.90 per share. As previously announced, Silvercorp Metals Inc purchased 1.3 million shares, maintaining its pro rata interest of 28.8% and further increasing its interest by 100,000 shares.
Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China.
The offering was underwritten by BMO Capital Markets.
New Pacific, based in Vancouver, is an exploration and development company that owns the Silver Sand Project in the Potosí Department of Bolivia and the Tagish Lake Gold Project in Yukon, Canada.
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