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Panoro Minerals Announces $5 Million Private Placement Financing with up to $2.6 Million committed by Resource Capital Funds
VANCOUVER, British Columbia, Aug. 08, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) (“Panoro” or the “Company”) is pleased
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, Aug. 08, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) (“Panoro” or the “Company”) is pleased to announce a non-brokered private placement of up to 28,000,000 units at $0.18 per unit for gross proceeds of up to $5,040,000. Each unit is comprised of one common share and one-half share purchase warrant. Each whole share purchase warrant is exercisable at a price of $0.27 per common share for a period of 24 months from the closing date of the financing. The Company reserves the right to issue an overallotment of up to 9,000,000 units for additional gross proceeds of up to $1,620,000. Closing of the financing is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the financing will bear a four-month restriction on resale from the completion date. Finders fees may be payable in connection with the private placement in such amounts as may be permitted under the policies of the TSXV. Resource Capital Fund VI L.P. (“RCF VI”) has agreed to subscribe for up to $2.6 million (US$ 2.0 million) of the private placement. RCF VI is managed by RCF Management LLC (together with the funds it manages). Resource Capital Funds (“RCF”) is a group of commonly managed private equity funds, established in 1998 with a mining sector specific investment mandate spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported 150 mining companies, with projects located in 47 countries and across 29 commodities. The sixth fund, Resource Capital Fund VI L.P. (“RCF VI”) with committed capital of $2.04 billion, is now being invested. Further information about RCF can be found on its website (www.resourcecapitalfunds.com). Panoro also announces that Silver Wheaton will advance another $2.6 million (US$ 2.0 million) subject to certain conditions as per the terms of the Precious Metals Purchase Agreement (the “Cotabambas Early Deposit Agreement”). The Cotabambas Early Deposit Agreement between Panoro Trading (Caymans) Ltd., a wholly-owned subsidiary of Panoro Minerals Ltd., and Silver Wheaton (Caymans) Ltd., a wholly owned subsidiary of Silver Wheaton Corp. (\"Silver Wheaton\") (TSX:SLW) (NYSE:SLW) in respect of the Cotabambas project located in Peru which ...