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VANCOUVER, British Columbia, Oct. 14, 2025 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX:NUAG, NYSE:NEWP) ("New Pacific" or the "Company") announced today that it has entered into an agreement with Raymond James Ltd., to act as sole bookrunner and co-lead underwriter with BMO Capital Markets (the "Co-Lead Underwriters"), on behalf of a syndicate of underwriters (together with the Co-Lead Underwriters, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 9,900,000 common shares of the Company (the "Common Shares") at a price of C$3.55 per Common Share, for total gross proceeds of approximately C$35.1 million (approximately US$25.1 million) (the "Offering"). The Company will also grant to the Underwriters an over-allotment option (the "Over-Allotment Option") to purchase up to 1,485,000 additional Common Shares (the "Over-Allotment Shares"). The Over-Allotment Option will be exercisable for a period of 30 days following closing.
Silvercorp Metals Inc. ("Silvercorp") has indicated its intent to participate in the Offering by subscribing to 2,776,950 Common Shares representing approximately C$9.86 million in gross proceeds (approximately US$7.05 million). 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 Common Shares will be offered in all of the provinces of Canada, except the province of Québec, by way of a prospectus supplement (the "Supplement") to the Company's existing short form base shelf prospectus dated October 3, 2025 (the "Base Shelf Prospectus") and may also be offered by way of private placement in the United States, pursuant to registration exemptions.
The net proceeds of the Offering will be used for exploration and further development at the Company's Carangas project and its Silver Sand project, for working capital, and general corporate purposes.
The Offering is expected to close on or about October 21, 2025, and is subject to New Pacific receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the Common Shares having been approved for listing on the NYSE American.
