Business
Panoro Minerals Announces Concurrent Private Placement with HudBay
VANCOUVER , June 27, 2014 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML, Lima : PML,...
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"\n\n\nVANCOUVER, June 27, 2014 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (\"Panoro\", the \"Company\")\n announces that it proposes to complete a non-brokered private placement\n (the \"Private Placement\") of 1,508,606 common shares (the \"Shares\") at\n a price of $0.42 per share with HudBay Minerals Inc. (\"HudBay\").\n\n\nThe private placement is being conducted in conjunction with the $5.0\n million bought deal financing announced by the Company on June 23, 2014\n (the \"Bought Deal Offering\"). Pursuant to a subscription agreement\n between the Company and HudBay dated June 30, 2011, HudBay was granted\n a pre-emptive right to purchase up to that number of Shares as will\n enable it, upon completion of the Bought Deal Offering, to maintain the\n same percentage interest in the Company after the completion of the\n Bought Deal Offering.  HudBay currently holds 22,907,500 common shares\n of the Company representing approximately 11.2% of the issued common\n shares of the Company.\n\n\nFurthermore, in the event the underwriters of the Bought Deal Offering\n exercise the full amount of their over-allotment option pursuant to the\n Bought Deal Offering, HudBay has agreed to exercise its pre-emptive\n right to purchase an additional 226,291 Shares on the same terms as the\n Private Placement.\n\n\nThe Company intends to use the net proceeds from the Offering to fund\n the continued exploration and development of the Company's Cotabambas\n Project, as well as for working capital and general corporate purposes.\n\n\nThe Shares acquired by HudBay will be subject to a hold period of four\n months plus one day from the date of closing of the Private Placement\n in accordance with applicable securities legislation.\n\n\nThe Private Placement is subject to the approval of the TSX Venture\n Exchange.  It is anticipated that the Private Placement will be\n completed concurrently with or immediately following the completion of\n the Bought Deal Offering.\n\n\nAbout Panoro\n\n\nPanoro is advancing its significant portfolio of copper and gold\n projects in the key Andahuaylas-Yauri belt in south central Peru,\n including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum\n and Antilla Copper-Molybdenum Projects.\n\n\nSince 2007, the company has completed over 70,000 m of exploration\n dril...