Panoro Minerals (PML-V) closes $15.01-million private placement
March 14, 2013 - News Release
Panoro Minerals Ltd. has completed its previously announced bought deal public equity financing. A total of 27.3 million common shares of the company were issued and sold at a price of 55 cents per common share for gross proceeds of $15,015,000. The offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp. and included BMO Capital Markets, Macquarie Capital Markets Canada Ltd. and Mackie Research Capital Corp.
The company has granted the underwriters an overallotment option to purchase an additional 4,095,000 common shares of the company at the offering price and on the same terms as the offering, exercisable at any time, in whole or in part, for a period of 30 days after and including the closing date of the offering. This overallotment option has not been exercised as at the time of this press release.
The underwriters received a cash commission equal to 6 per cent ($909,900) of the gross proceeds of the offering and 1,638,000 brokers' warrants. Each broker's warrant allows the underwriters to purchase one common share of the company at 55 cents for a period of 36 months following the closing of the offering.
The company intends to use the net proceeds from the offering to finance the continued exploration and development of the company's Cotabambas project as well as for working capital and general corporate purposes.
"The completion of this important financing during a period of very difficult market finance conditions is further validation of the high quality of the Cotabambas project and the ability of management to continue to deliver meaningful advancement of Peru's next important copper project. Panoro's Cotabambas project together with Xstrata's Las Bambas and Antapaccay projects, Hudbay Minerals' Constancia project, First Quantum Minerals' Haquira project, and Grupo Mexico's Los Chancas project will together go a long way to achieving Peru's goal of becoming the world's premier copper-producing nation," stated Panoro's president and chief executive officer, Luquman Shaheen. |
