Company has already raised C$2.75 million for its Cotabambas Project
By Devika Patel
Knoxville, Tenn., Oct. 18 - Panoro Minerals Ltd. said it increased a non-brokered private placement of units for a third time.
The deal priced for C$2 million with a C$500,000 greenshoe on Sept. 27, and the company raised C$1.35 million in the first tranche on Oct. 1. The deal was increased to C$3 million on Oct. 12 and to C$4.5 million on Oct. 13. The company now says it will sell up to C$6.5 million units. It completed a C$1.41 million second tranche on Friday.
The company will now sell 26 million units at C$0.25 apiece. It sold 5,379,620 units in the first tranche and 5,622,296 units in the second. Each unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.35 for 18 months. The strike price is a 40% premium to C$0.25, the Sept. 24 closing share price.
Proceeds will be used to advance the company's Cotabambas Copper-Gold Project in Peru and for general working capital.
Panoro is a mineral explorer based in Vancouver, B.C.
| Issuer: | Panoro Minerals Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6.5 million
|
| Greenshoe: | C$500,000
|
| Units: | 26 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 27
|
| Upsized: | Oct. 12, Oct. 13
|
| Settlement date: | Oct. 1 (for C$1,344,905), Oct. 15 (for C$1,405,574)
|
| Stock symbol: | TSX Venture: PML
|
| Stock price: | C$0.23 at close Sept. 27
|
| Market capitalization: | C$28.54 million
|
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