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Panoro Minerals Receives Payment #2 for Antilla Project Transaction
Panoro Minerals Receives Payment #2 for Antilla Project Transaction Canada NewsWire ...
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"\n \n \n \n Panoro Minerals Receives Payment #2 for Antilla Project Transaction\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 11, 2024\n \n \n /CNW/ -\n \n Panoro Minerals Ltd.\n \n (TSXV: PML) (Lima: PML) (Frankfurt: PZM) (\"Panoro\", the \"Company\") announces that it has received approximately CA\n \n $2.7M\n \n (\n \n $US 2.0M\n \n ) from Calisto Cobre Resources Corp. (\"Calisto\") as per terms of the Company's sale in\n \n December 2021\n \n of 90% of the shares of\n \n Antilla Copper S.A\n \n ., a former wholly owned subsidiary of Panoro, to Calisto.\n \n \n \n \n \n \n \n \n \n As disclosed in its\n \n August 8, 2023\n \n news release, the Company received Payment #1 of $CA\n \n 10.0M\n \n (\n \n $US 7.3M\n \n ) on closing in\n \n December 2021\n \n and in\n \n August 2023\n \n agreed to amendments to the share purchase agreement and shareholders' agreement (the \"Amended Agreements\") with Calisto that extended the timeline for receipt of the next payment, $CA\n \n 2.8M\n \n (\n \n $US 2.1M\n \n ) (the \"Second Payment\"), to\n \n March 31, 2024\n \n . Pursuant to the Amended Agreements, the Company received an immediate payment of $CA 300,000\n \n ($US 226,380)\n \n made towards the Second Payment.\n \n \n On\n \n March 4, 2024\n \n , Calisto paid a total of $CA\n \n 2.7M\n \n (\n \n $US 2.0M\n \n ) to Panoro consisting of $CA\n \n 2.5M\n \n (\n \n $US 1.8M\n \n ), the balance of the Second Payment and accrued interest at a rate of 6.7% of approximately $CA 230,000\n \n ($US 170,370)\n \n .\n \n \n \"Panoro is pleased to have received Payment #2 in advance of the\n \n March 31, 2024\n \n timeline per the Amended Agreement. The cash injection will be used in updating the PEA for the Cotabambas Project to reflect the many enhancements to the project resulting from the updated mineral resource estimate announced in\n \n January 2024\n \n . The enhancements envisioned for Cotabambas include the addition of a high grade starter pit,...