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Panoro Minerals Announces Receipt of Early Deposit Payment from Wheaton Precious Metals for the Cotabambas Project, Peru and Issuance of Common Shares
VANCOUVER, British Columbia, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) and its wholly-owned subsidiary, Pan
About this update from Panoro Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) and its wholly-owned subsidiary, Panoro Trading (Cayman) Ltd. (“Panoro” or the “Company”) are pleased to announce that they have received the eleventh Early Deposit payment of US$750,000 as part of the Precious Metals Purchase Agreement (the “Cotabambas Early Deposit Agreement”) with Wheaton Precious Metals International Ltd. (“WPMI”), a wholly owned subsidiary of Wheaton Precious Metals Corp. (TSX:WPM) (NYSE:WPM), in respect of the Cotabambas project located in Peru. The principal terms of the Cotabambas Early Deposit Agreement are as described in the Company’s press release on March 21, 2016, whereby WPMI will pay Panoro upfront cash payments totalling US$140 million for 25% of the payable gold production and 100% of the payable silver production from the Company’s Cotabambas Project in Peru. In addition, WPMI will make production payments to Panoro of the lesser of the market price and US$450 per payable ounce of gold and US$5.90 per payable ounce of silver delivered to WPMI over the life of the Cotabambas Project. Panoro is entitled to receive US$14 million spread over a period of up to 9 years as an early deposit with payments to be used to fund corporate expenses related to the Cotabambas Project. The balance of the US$126 million, should WPMI elect to proceed with the Cotabambas Early Deposit Agreement, is payable in instalments during construction of the Cotabambas Project. Together with this payment, the total advanced to date is US$10.0 million, including the accelerated tranche of US$2.0 million received in December 2016. Issuance of common shares The Company also announces that, pursuant to the amended employment agreement (“Amendment Agreement”) between the Company and the Company’s Chief Executive Officer, which defines a portion of his remuneration to be satisfied by the issuance of common shares of the Company on a quarterly basis, until December 31, 2020. Pursuant to the terms of the Amendment Agreement, 132,133 common shares will be issued at a deemed price of $0.133, in consideration of certain services provided to the Company for the quarterly period from June 1, 2020 to August 31, 2020, using the volume weighted average closing price of the Company’s shares for each of the trading days...