The company raised a total of $35 million (CDN) with 13,208,000 common shares placed at $2.65 (CDN) per share. The financing brought in further support from the biggest names in silver mining.
This represents a reduction of approximately $65 million in total net debt in the period reflecting increased cash flows from the contribution of the Séguéla Mine in its first full quarter of production.
New Pacific Metals Corp. share price has reached a four-year low, creating a once in decade opportunity for investors seeking to gain exposure to the silver market.
“We are excited to see nice intervals of oxide gold mineralization at and near the surface in this latest drill program on the north end of the Scarlet target,” says VP Turner.
