Panoro Minerals Ltd. Announces Closing of First Tranche of Brokered LIFE Offering for Gross Proceeds of C$2.9 Million

Executive Summary

• Panoro Minerals Ltd. closed the first tranche of its best‑efforts private placement, raising C$2.918 million from the sale of 7,295,500 units at C$0.40 per unit.
• Proceeds are earmarked for infill drilling, metallurgical testing, pre‑feasibility engineering and an updated PEA for the Cotabambas Cu‑Au‑Ag project, plus working capital and general corporate purposes.
• The offering includes common shares and warrants; agents received a 6 % cash commission and were granted broker warrants equal to 6 % of units sold.

Key Details

• Units Sold: 7,295,500 (each unit = 1 common share + 1 warrant).
• Offering Price: C$0.40 per unit → Gross proceeds C$2,918,200.
• Warrant Terms: Each warrant allows purchase of one common share at C$0.60, exercisable any time up to Nov 21 2028.
• Use of Proceeds:
• Infill drilling on Cotabambas Project.
• Metallurgical testing.
• Pre‑feasibility engineering.
• Completion of an updated Preliminary Economic Assessment (PEA).
• Working capital and general corporate purposes.
• Agents & Compensation:
• Lead agent/sole bookrunner: Red Cloud Securities Inc.
• Co‑agent: Cormark Securities Inc.
• Cash commission: 6 % of gross proceeds.
• Broker warrants: Non‑transferable common share purchase warrants equal to 6 % of units sold, exercisable at the offering price before Nov 21 2028.
• Closing Timeline: First tranche closed on Nov 21 2025; final tranche expected to close around Nov 28 2025, subject to TSX Venture Exchange approval.
• Regulatory Notes: Units issued under NI 45‑106 exemption; securities not registered in the United States and may not be offered or sold there.

Notable Quotes

(No direct quotes were provided in the release.)