Update on Panoro Minerals $PML #TSXV Financing and Hudbay Private Placement

by | Jul 16, 2014 | Blog, Canadian Stocks, Featured, Update

Panoro Completes Bought Deal Financing and Hudbay Private Placement

Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) (“Panoro”, the “Company”) is pleased to announce that it has completed its previously announced bought deal public equity financing through its underwriters, National Bank Financial Inc. and Laurentian Bank Securities Inc. (the “Underwriters”). In conjunction with the completion of the bought deal financing, the Underwriters exercised the over-allotment option granted to them by the Company. Including the common shares issued pursuant to the exercise of the over-allotment option, a total of 13,800,000 common shares of the Company were issued and sold at a price of C$0.42 per common share for gross proceeds of C$5,796,000.

The Underwriters received a cash commission of C$347,760 representing 6% of the gross proceeds of the bought deal financing.

The Company also announces that it has completed its previously announced non-brokered private placement financing with Hudbay Minerals Inc. (“Hudbay”) whereby Hudbay maintained its pro-rata ownership in Panoro of approximately 11.2%. A total of 1,734,897 common shares were issued and sold to Hudbay at a price of C$0.42 per common share for gross proceeds of C$728,656.74. The common shares issued to Hudbay are subject to a hold period expiring on November 17, 2014.

The Company intends to use the net proceeds from the bought deal and private placement financings to fund the continued exploration and development of the Company’s Cotabambas and Antilla projects.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Securities have not been and will not be registered under the United States Securities act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

About Panoro

Panoro is advancing its significant portfolio of copper and gold projects in the key Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects.

Since 2007, the company has completed over 70,000 m of exploration drilling at these two key projects leading to the delineation of mineral resources in late 2013 of: