VANCOUVER, BRITISH COLUMBIA – June 13, 2016: New Pacific Metals Corp. (“New Pacific” or the “Company”) announces that it has applied to voluntarily delist its common shares (the “Common Shares”) from the Toronto Stock Exchange (the "TSX") and has received conditional approval to list the Common Shares on the TSX Venture Exchange (the “TSX-V”). It is expected that the Common Shares will be delisted from the TSX on or about June 30, 2016, and listed on the TSX-V on or about the same date.
At the Annual General and Special Meeting of the shareholders held on November 13, 2015, the shareholders of the Company passed as a special resolution authorizing and approving a change of the Company’s business from a mining issuer engaged in mineral exploration to an investment issuer engaged in investing in privately held and publicly traded corporations, and authorized a change of name (the “2015 AGM”). The changes were subject to board of director approval, and any necessary regulatory approvals.
As the Company’s asset base is not sufficiently large to qualify as an Investment Issuer on the TSX the Company has applied for, and received, conditional approval to be listed as a Tier 2 Investment Issuer on the TSX-V. As such, effective on the date of the listing on the TSX-V the Company’s change of business, approved by the shareholders at the 2015 AGM, will become effective.
PLANNED CHANGE OF NAME
Following the Company’s delisting from the TSX, the Company will have a change of business, from a mining issuer to an investment issuer. To reflect this change the Company will change its name to New Pacific Holdings Corp. It is expected that the ticker symbol will remain unchanged. The change will take effect at the time of listing on the TSX-V.
ABOUT NEW PACIFIC
New Pacific is a Canadian gold and silver exploration and development company which owns the Tagish Lake gold project in Yukon, Canada and the RZY Project in Qinghai Province, China. It expects to effect a change of business to become an investment issuer effective July 1, 2016. For further information, contact: