TagishPress ReleaseSource: New Pacific Metals Corp.On Thursday September 30, 2010, 8:00 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2010) - New Pacific Metals Corp. (TSX VENTURE:NUX - News;"New Pacific"), announces that, pursuant to its recently expiredtake-over bid (the "Share Offer") for all of the outstanding commonshares ("Tagish Shares") and the offer to purchase all of the secureddebt (the "Secured Debt Offer") and the unsecured debt (the "UnsecuredDebt Offer") of Tagish Lake Gold Corp. ("Tagish Lake"), New Pacific, intotal, took up (or already owned) 114,544,229 Tagish Shares,representing approximately 80.1% of the issued and outstanding TagishShares (on a non-diluted basis).
New Pacific has issued anaggregate of approximately 15,328,600 New Pacific shares to the formerholders of Tagish Shares who tendered to the Share Offer and elected toreceive all or part of the consideration in common shares of New Pacific("New Pacific Shares"). Today, New Pacific effected the cancellation of1,959,100 New Pacific Shares which were acquired by it when itswholly-owned subsidiary tendered its Tagish Shares for New PacificShares resulting in New Pacific's total shares outstanding being45,327,288 shares, of which approximately 29.5% are held by formerTagish Lake shareholders.
On September 28, 2010, New Pacific paidan aggregate of $330,768.88 in secured debt of Tagish Lake that wastendered pursuant to the Secured Debt Offer. New Pacific did not pay forany unsecured debt of Tagish Lake pursuant to the Unsecured Debt Offeras the minimum tender condition of the Unsecured Debt Offer (at least50% of the unsecured creditors of Tagish Lake holding unsecured debtrepresenting in aggregate not less than 662/3% of the unsecured debtthen outstanding) was not met.
New Pacific has requested that thecurrent Tagish Lake board of directors resign, with the exception ofJohn Resing, and that New Pacific nominees be appointed. Once NewPacific nominees are appointed, the board will proceed to set dates for aTagish Lake shareholders' meeting and make plans that would seek toremove Tagish Lake from CCAA protection.