Panoro closes $4-million private placement

Executive Summary

• Panoro Minerals Ltd. has closed a $4.0-million non-brokered private placement (NBPP) of its units.
• The company issued 10 million units at a price of 40 cents per unit, with each unit comprising one common share and one common share purchase warrant.
• Net proceeds will be utilized for exploration and development at the Cotabambas project, including infill drilling, metallurgical testing, and engineering studies, as well as for general working capital.

Key Details

• Transaction Structure: Non-brokered private placement of units.
• Gross Proceeds: $4,000,000.
• Units Issued: 10,000,000 units.
• Price Per Unit: $0.40 CAD.
• Warrant Terms (Investor): Each unit includes one common share purchase warrant. Warrants are exercisable at $0.60 per share for a period of 36 months following the closing date.
• Use of Proceeds: Exploration and development at the Cotabambas project (infill drilling, metallurgical testing, updating preliminary economic assessment technical report, prefeasibility engineering) and general working capital.
• Investors: Participation included two new cornerstone institutional investors: Konwave AG and investment funds managed by Delbrook Capital Advisors. No related parties participated.
• Finder’s Compensation:
  • Cash Commission: $180,000.
  • Finder Warrants: 450,000 non-transferable warrants issued.
  • Finder Warrant Exercise Price: $0.40 per warrant.
  • Finder Warrant Term: 36 months following the closing date.
• Hold Period: Units, securities comprising the units, and finder warrants are subject to a statutory hold period of four months and one day.

Notable Quotes

• None provided in the text.