New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX:NUAG) (NYSE:NEWP) is pleased to announce the appointment of Mr. Andrew Williams to the position of President effective immediately.
Based in Vancouver and reporting to the CEO, Mr. Williams’ main responsibility will be managing the Company’s corporate development initiatives, investor relationship program, and financial needs of the Company business. Mr. Williams will also work with CEO and other senior management to provide support for the development of the Company’s projects in permitting, development and production and will assist CEO on team building and organization growth to support rapid growth of the Company’s business.
Prior to joining New Pacific, Mr. Williams spent the last 11 years with SEC-registered investment fund Sun Valley Gold LLC, most recently as portfolio manager. Mr. Williams began his career at Deloitte providing audit and financial advisory services to mining companies in Vancouver. Mr. Williams holds a Bachelor of Commerce with Honours from the University of British Columbia and is a Chartered Professional Accountant and a Chartered Business Valuator.
Dr. Rui Feng, CEO and Founder of New Pacific, commented, “We are very pleased to welcome Andrew to the New Pacific team. Andrew brings 15 years of experience in the mining and mining investment industry, most recently as a portfolio manager responsible for evaluating and investing in precious metals companies globally. Andrew’s deep industry knowledge and strong relationships with mining investment community will make great contribution to the New Pacific’s future growth.”
“I am excited to apply my knowledge and experience to help lead New Pacific, a rapidly growing company that has successfully completed the rare feat of making not one, but two important discoveries with the Silver Sand and Carangas projects,” commented Mr. Williams. “After recently completing two weeks of due diligence in Bolivia, seeing the projects firsthand and meeting the talented in-country team, I believe New Pacific has the potential to create tremendous value for all of its stakeholders. I am thrilled to be joining the Company at this pivotal stage of development.”
Mr. Williams will subscribe for C$250,000 worth of common shares of the Company at a price of $3.16 per common share of the Company (10% discount of the 5 day volume-weighted average price) through a non-brokered private placement with the Company. The Company’s newly elected Director, Mr. Dickson Hall will also subscribe, under the same terms, C$50,000 worth of common shares of the Company for a total of C$300,000 in this private placement. Mr. Williams and Mr. Dickson Hall are considered “related parties” of the Company, and the share purchase constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Share Purchase is exempt from the formal valuation and the minority approval requirements of MI 61-101 as the fair market value of the consideration for the Share Purchase does not exceed 25% of the Company’s market capitalization. Closing of the Share Purchase is subject to the approval of the Toronto Stock Exchange.
