"New Pacific Metals Corp. (NUAG:TSX.V) announced that it closed a private placement with Pan American Silver Corp. (PAAS) of 16 million units and Silvercorp Metals for 3 million units. According to the company, each unit was priced at $1.42, for gross proceeds of approximately $27 million. "The proceeds of the Private Placement will be used to further the Company's exploration and/or development program on its Silver Sand Project located in the Potosi Department of Bolivia and for general working capital purposes," New Pacific Metals stated in the release."