Panoro Minerals (PML-V) July 16, '14 has completed its previously announced bought-deal public equity financing through its underwriters, National Bank Financial Inc. and Laurentian Bank Securities Inc. In conjunction with the completion of the bought-deal financing, the underwriters exercised the overallotment option granted to them by the company. Including the common shares issued pursuant to the exercise of the overallotment option, a total of 13.8 million common shares of the company were issued and sold at a price of 42 cents per common share for gross proceeds of $5,796,000.The underwriters received a cash commission of $347,760, representing 6 per cent 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., whereby HudBay maintained its pro rata ownership in Panoro of approximately 11.2 per cent. A total of 1,734,897 common shares were issued and sold to HudBay at a price of 42 cents per common share for gross proceeds of $728,656.74. The common shares issued to HudBay are subject to a hold period expiring on Nov. 17, 2014.
The company intends to use the net proceeds from the bought-deal and private placement financings to finance the continued exploration and development of the company's Cotabambas and Antilla projects. |
