Panoro Minerals arranges $4-million financing

Executive Summary

• Panoro Minerals Ltd. has announced a fully subscribed non-brokered private placement to raise up to C$4,000,000.
• The offering consists of 10 million units priced at 40 cents per unit, with each unit comprising one common share and one common share purchase warrant.
• Net proceeds will be allocated to exploration and development activities at the Cotabambas project, including infill drilling, metallurgical testing, and engineering studies, as well as general working capital.

Key Details

• Transaction Structure: Fully subscribed non-brokered private placement.
• Units Offered: Up to 10,000,000 units.
• Price: 40 cents per unit.
• Gross Proceeds: Up to C$4,000,000.
• Warrant Terms: Each unit includes one common share purchase warrant.
  • Exercise Price: 60 cents per warrant share.
  • Term: 36 months following the closing of the offering.
• Use of Proceeds:
  • Exploration and development at the Cotabambas project.
  • Specific activities include infill drilling, metallurgical testing, updating the preliminary economic assessment (PEA) technical report, and prefeasibility engineering.
  • General working capital.
• Hold Period: Four months and one day from the date of issuance, in accordance with applicable securities laws.
• Conditions: Closing is subject to customary conditions, including receipt of necessary approvals, specifically the approval of the TSX Venture Exchange.
• Finder: Red Cloud Securities Inc. is acting as a finder for the offering.

Notable Quotes

• No direct quotes from management were included in the provided text.