New Pacific Metals Corp. said Oct. 2 that BMO Capital Markets agreed to acquire 3,750,000 common shares in the company at C$4.0 apiece on a bought deal basis, for gross proceeds of about C$15 million.
New Pacific granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional 15% of the offering to cover overallotments, if any.
The net proceeds will be used to advance exploration and development at the Silver Sand project in Bolivia, for other potential project acquisitions, for working capital and for general corporate purposes.
The offering is expected to close on or about Oct. 25.
