Panoro Minerals arranges $5-million private placement

Executive Summary

• Panoro Minerals Ltd. announced a best-efforts private placement for gross proceeds of up to C$5 million, led by Red Cloud Securities Inc.
• The offering consists of units priced at 40 cents each, with Wheaton Precious Metals Corp. indicating an intention to participate.
• Net proceeds are designated for infill drilling, metallurgical testing, prefeasibility engineering, and an updated PEA for the Cotabambas project, alongside working capital.

Key Details

• Offering Structure: Best-efforts private placement of up to 12.5 million units.
• Price: 40 cents per unit.
• Gross Proceeds: Up to C$5 million.
• Underwriter/Agent: Red Cloud Securities Inc. acting as lead agent and sole bookrunner for a syndicate.
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one common share at an exercise price of 60 cents.
• Warrant Expiry: 36 months following the closing date.
• Over-Allotment Option: Agents have an option to purchase up to an additional 2.5 million units at the same price, generating up to an additional C$1 million in gross proceeds.
• Use of Proceeds: Infill drilling, metallurgical testing, prefeasibility engineering, completion of an updated preliminary economic assessment (PEA) for the Cotabambas copper-gold-silver project, working capital, and general corporate purposes.
• Regulatory Basis: Listed issuer financing exemption under National Instrument 45-106 (Part 5A) for Canadian residents (except Quebec); private placement exemptions for offshore and US jurisdictions.
• Closing Date: Scheduled for November 18, 2025, or as agreed by the company and agents.
• Conditions: Subject to regulatory approvals, including TSX Venture Exchange approval.
• Strategic Context: Wheaton Precious Metals Corp. (which has a precious metals purchase agreement for Cotabambas) indicated prior to settling terms its intention to participate in the equity offering.

Notable Quotes

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