viewNew Pacific Metals

New Pacific Metals posts C$1.9M profit in 3Q after C$17M financing

The figure is a sharp swing from the same period a year prior that saw the Vancouver-based company post a loss of C$753,000

silver bars
The company is advancing its Silver Sands project in Bolivia

Canadian junior New Pacific Metals Corp (CVE:NUAG) (OTCMKTS:NUMPF) announced Wednesday that it turned a nearly C$1.9 million profit in its third quarter as the exploration and development company advances its Bolivian Silver Sands project.

The figure is a sharp swing from the same period a year prior that saw the Vancouver-based company post a loss of C$753,000.

New Pacific told shareholders that the results were mainly impacted by nearly C$2.1 million in income from investments.

READ: New Pacific Metals earned more than $1.5 million in investment income in fiscal year 2019

During the quarter the company struck an agreement with BMO Capital Markets as sole underwriter, under which BMO agreed to buy on bought deal basis 4.3 million shares at C$4 each for gross proceeds of around C$17 million.

The funds will be used to advance New Pacific's wholly owned Silver Sand project, for other potential project acquisitions, for working capital, and for general corporate purposes.

The company also has the Tagish Lake gold project in Yukon, Canada and a small exploration project in China under its umbrella.

Shares of New Pacific closed 1.2% higher on Wednesday in Toronto at C$4.31 and at US$3.24 over the counter.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: New Pacific Metals

Price: 5.39 CAD

Market: TSX
Market Cap: $820.89 m

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