This news has it moving. Should have bought the double bottom I guess..
Nevada Pacific to raise $5-million with McEwen
2005-12-09 10:41 ET - News Release
Mr. David Hottman reports
ROB MCEWEN ACQUIRES 18.2% STAKE IN NEVADA PACIFIC GOLD
Nevada Pacific Gold Ltd. has entered into an agreement with Robert McEwen, of Toronto, Ont., to issue 12.5 million units, at a price of 40 cents per unit, for proceeds of $5-million. Each unit consists of one common share and one common share purchase warrant, each warrant exercisable to acquire one common share of the company, at an exercise price of 50 cents per share, for a term of two years.
As a result of the private placement, Mr. McEwen will hold 18.2 per cent of the outstanding shares of the company and, in the event of exercise of all of the warrants, Mr. McEwen will hold 30.8 per cent of the outstanding common shares of the company. In accordance with rules of the TSX Venture Exchange, as this constitutes a change of control, the placement will close in two tranches, the first being for 6,921,213 units and the second tranche for the balance of the units will be conditional upon receiving shareholder approval. The company has called an extraordinary general meeting of shareholders to be held Jan. 23, 2006, for the purpose of approving the second tranche of the private placement. An additional 250,000 units will be issued to insiders of the company for proceeds of $100,000.
Mr. McEwen will join the board of directors of Nevada Pacific Gold. Mr. McEwen has been associated with the investment and resource industries for 29 years. Mr. McEwen is the founder of Goldcorp Inc., where he took the company from a market capitalization of $50-million to over $7-billion. He has been honored with such awards, including the Northern Miners' Man of the Year Award, Ernst & Young's Ontario Entrepreneur of the Year Award in the Energy Category and the PDAC's Developer of the Year.
This transaction supersedes the placement announced in Stockwatch on Sept. 12, 2005.
