/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Feb. 20, 2013 /CNW/ - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro" or the "Company") is
pleased to announce that it has entered into an agreement with
Canaccord Genuity Corp. as lead underwriter on behalf of a syndicate of
underwriters (the "Underwriters") pursuant to which the Underwriters
have agreed to purchase, on a bought deal basis, 27,300,000 common
shares of the Company (the "Common Shares") at a price of C$0.55 per
Common Share (the "Offering Price") for gross proceeds of C$15,015,000
(the "Offering"). The Company will also grant the Underwriter an
over-allotment option to purchase an additional 4,095,000 common shares
of the Company (the "Over-Allotment Common Shares," and together with
the Common Shares, the "Offered Securities") 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. If the Over-Allotment Option is exercised in full, an
additional C$2,252,250 will be raised pursuant to the Offering, for
total aggregate gross proceeds of C$17,267,250.
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 Offering is being made pursuant to a short form prospectus to be
filed in B.C., Alberta, Ontario and other agreed upon provinces of
Canada other than Quebec. The Offered Securities will not be registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
The Offering is expected to close on or about March 14, 2013 and is
subject to certain conditions typical for a transaction of this nature
and the receipt of all necessary regulatory approvals including the
approval of the TSX Venture Exchange.
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
Panoro's strategic focus is to develop its Cotabambas and Antilla
Projects. The Company owns 100% of the Cotabambas Copper-Gold-Silver
Project and 100% of the Antilla Copper-Molybdenum Project. These
projects contain Inferred resources of:
404.1 Mt @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag @ 0.2% Cueq cut-off (AMEC
2012) (in situ content of 3.75 billion lbs. Cu, 3.0 million oz. Au,
36.9 million oz. Ag)
154.4 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 which includes Xstrata's Las Bambas and
Antapaccay Copper Projects and the Tintaya Copper Mine where Xstrata is
completing a US$6.7 billion investment to develop two new large copper
projects. The region also includes First Quantum Minerals' Haquira
Copper Project, HudBay Minerals' Constancia Copper Project and Southern
Copper's Los Chancas Copper Project. Hudbay commenced a $US1.5 billion
investment into the Constancia Project in 2012.
Luis Vela, a Qualified Person under National Instrument 43-101, has
reviewed and approved the scientific and technical information in this
On behalf of the Board of Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President & CEO
The forward-looking information contained in this press release is made
as of the date of this press release and, except as required by
applicable law Panoro does not undertake any obligation to update
publicly or to revise any of the included forward-looking information,
whether as a result of new information, future events or otherwise. By
its very nature, such forward-looking information requires Panoro to
make assumptions that may not materialize or that may not be accurate.
This forward-looking information is subject to known and unknown risks
and uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those
expressed or implied by such information. Neither the 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.
Media - Lynn Butler: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020