Business
Panoro Minerals Arranges Private Placement
Jun. 13, 2011 (Canada NewsWire Group) -- VANCOUVER, June 10, 2011 /CNW Telbec/ - Panoro Mine...
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"\n\n\n Jun. 13, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, June 10, 2011 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") is pleased to\n announce it has entered into an agreement with M Partners Inc. (the\n "Agent") to raise, on a best-efforts private placement that will\n include Canaccord Genuity, a maximum of $8.0 million through the\n issuance of units of the Company at a price of $0.45 per unit.  Each\n unit of the Company shall consist of one common share and one-half\n common share purchase warrant, each whole warrant exercisable to\n acquire one additional common share at a price of $0.60 per common\n share, for a period of 18 months after the closing date of the private\n placement.\n\n\nHudBay Minerals Inc. (TSX: HBM, NYSE: HBM) has agreed to purchase up to\n $4 million of the units. The President and Chief Executive Officer of\n Panoro, Luquman Shaheen, stated "We welcome HudBay's investment and are\n pleased with their confidence in the value, quality and potential of\n our projects."\n\n\nThe net proceeds are intended to be used for continued development of\n Cotabambas including drill program, preliminary metallurgical testing,\n expanded magnetic survey, IP survey, and updated 43-101. As well,\n initial drill program at Kusiorcco, and for general corporate purposes.\n\n\nThe Company has agreed to pay the Agent a cash fee equal to up to 7 per\n cent of the gross proceeds from ...