/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, March 14, 2013 /CNW/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro" or the "Company") is
pleased to announce that it has completed its previously announced
bought deal public equity financing. A total of 27,300,000 common
shares of the Company (the "Common Shares") were issued and sold at a
price of C$0.55 per Common Share (the "Offering Price") for gross
proceeds of C$15,015,000 (the "Offering"). The Offering was completed
by a syndicate of underwriters led by Canaccord Genuity Corp. and
included BMO Capital Markets, Macquarie Capital Markets Canada Ltd. and
Mackie Research Capital Corp. (the "Underwriters").
The Company has granted the Underwriters an over-allotment option to
purchase an additional 4,095,000 common shares of the Company at the
Offering Price and on the same terms as the Offering, exercisable at
any time, in whole or in part, for a period of 30 days after and
including the closing date of the Offering. This over-allotment option
has not been exercised as at the time of this press release.
The Underwriters received a cash commission equal to 6% (C$909,900) of
the gross proceeds of the Offering and an aggregate of 1,638,000
brokers' warrants. Each brokers' warrant allows the Underwriters to
purchase one common share of the Company at C$0.55 for a period of 36
months following the closing of the Offering.
The Company intends to use the net proceeds from the Offering to fund
the continued exploration and development of the Company's Cotabambas
Project as well as for working capital and general corporate purposes.
"The completion of this important financing during a period of very
difficult market finance conditions is further validation of the high
quality of the Cotabambas Project and the ability of management to
continue to deliver meaningful advancement of Peru's next important
copper project. Panoro's Cotabambas Project together with Xstrata's
Las Bambas and Antapaccay Projects, Hudbay Minerals' Constancia
Project, First Quantum Minerals' Haquira Project and Grupo Mexico's Los
Chancas Project will together go a long way to achieving Peru's goal of
becoming the worlds premier copper producing nation.", stated Panoro's
President & CEO, Luquman Shaheen.
Panoro's strategic focus is to move its advanced stage projects to the
feasibility and development stages and to explore its other projects.
The Company owns the advanced Cotabambas Copper-Gold and Antilla
Copper-Molybdenum Projects which include Inferred level resources of:
404.1 Mt @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag @ 0.2% Cueq cut-off (AMEC
(in situ content of 3.75 billion lbs. Cu, 3.0 million oz. Au, 36.9
million oz. Ag)
154 Mt @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cut-off (AMEC, 2009)
(in-situ content of 1.6 billion lbs. Cu and 30 million lbs. Mo)
Panoro's significant portfolio of properties is located primarily in the
south-eastern region of Peru. In September 2010, Xstrata announced
US$5.7 billion of investment to develop the Las Bambas and Antapaccay
projects. HudBay Minerals' is investing US$1.5 billion into the
development of the Constancia Copper Project.
Luis Vela, a Qualified Person under National Instrument 43-101, has
reviewed and approved the scientific and technical information in this
This press release does not constitute an offer of securities for sale
in the United States. The securities being offered have not been, nor
will be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States absent
U.S. registration or an applicable exemption from U.S. registration
On behalf of the Board of Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President & CEO
This release was prepared by management of the Company who takes full
responsibility for its contents. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE: Panoro Minerals Ltd.
For further information:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Renmark Financial Communications Inc.
Barry Mire: firstname.lastname@example.org
Media - Lynn Butler:
Tel.: (416) 644-2020 or (514) 939-3989