New Pacific Metals (NEWP) announced that it has entered into an agreement with a syndicate of underwriters, pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 9.9M common shares of the company at a price of C$3.55 per Common Share, for total gross proceeds of approximately C$35.1M. Silvercorp Metals (SVM) has indicated its intent to participate in the Offering by subscribing to 2,776,950 Common Shares representing approximately C$9.86M in gross proceeds. Upon completion of the Offering, Silvercorp will own, directly and indirectly, approximately 28.05% of the outstanding Common Shares of the company assuming the Over-Allotment is not exercised. The Offering is expected to close on or about October 21.
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