New Pacific closes $40.42-million bought deal financing

Executive Summary

• New Pacific Metals Corp. has closed a bought deal financing raising approximately $40.42 million in gross proceeds.
• The transaction involved the sale of 11,385,000 common shares at $3.55 per share, including the full exercise of the underwriters' overallotment option.
• Strategic investors Silvercorp Metals Inc. and Pan American Corp. participated in the offering, acquiring significant stakes in the company as part of related-party transactions.

Key Details

• Gross Proceeds: Approximately $40.42 million.
• Share Price: $3.55 per offered share.
• Shares Issued: 11,385,000 common shares (including 1,485,000 shares from the exercise of the overallotment option).
• Underwriters: Raymond James Ltd. acted as sole bookrunner; co-led by Raymond James and BMO Nesbitt Burns Inc. The syndicate included Canaccord Genuity Corp., Cormark Securities Inc., Red Cloud Securities Inc., and Roth Canada Inc.
• Use of Proceeds: Exploration and further development of the Carangas project and Silver Sand project, plus working capital and general corporate purposes.
• Silvercorp Metals Inc. Participation:
  • Subscribed for 3,083,536 offered shares.
  • Gross proceeds from subscription: approximately $10.95 million.
  • Post-closing ownership: Approximately 27.99% of outstanding common shares.
• Pan American Silver Corp. Participation:
  • Subscribed for 1,263,416 offered shares.
  • Gross proceeds from subscription: approximately $4.49 million.
  • Post-closing ownership: Approximately 11.47% of outstanding common shares.
• Regulatory Context: The acquisitions by Silvercorp and Pan American were classified as related-party transactions under Multilateral Instrument 61-101 but were exempt from valuation and minority approval requirements pursuant to sections 5.5(a) and 5.7(a).
• Documentation: Completed via a prospectus supplement dated Oct. 15, 2025, to the company's short form base shelf prospectus dated Oct. 3, 2025.