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New Pacific Metals Corp. Announces Bought Deal Financing (C$25 Million)

Not for distribution to U.S. news wire services or dissemination in the United States.VANCOUVER, British Columbia , May 19, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V: NUAG) (a??New Pacifica?? or the a??Companya??) and Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (a??Pan Americana??) have announced concurrent offerings. New Pacific has announced today that it has entered into an agreement with BMO Capital Markets (a??BMOa??) as sole underwriter, under which BMO has agreed to buy on bought deal basis 4,238,000 common shares (the a??Common Sharesa??), at a price of C$5.90 per Common Share for gross proceeds of approximately C$25 million (the a??Offeringa??). The Company has 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 over-allotments, if any. 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.
The net proceeds of the Offering will be used to advance exploration and development at the Companya??s wholly-owned Silver Sand project, for working capital, and for general corporate purposes.The Common Shares will be offered by way of a short form prospectus in each of the provinces of Canada, excluding Quebec and may also be offered by way of private placement in the United States.A In connection with the Offering and in a separate transaction, Pan American has sold to BMO 8,000,000 common shares of New Pacific that it held at the same price per common share as under the Offering (the a??Concurrent Block Tradea??). These common shares will be resold to the public by BMO. The Concurrent Block Trade is expected to close on or about May 21, 2020.
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