/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:
Cotabambas: 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)
Antilla: 154 Mt @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cut-off (AMEC,
(in-situ content of 1.6 billion lbs. Cu and 30 million
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 press release.
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 requirements.
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
Panoro Minerals Ltd. Luquman Shaheen, President & CEO Phone:604.684.4246 Fax:
604.684.4200 Email:firstname.lastname@example.org Web:www.panoro.com
Renmark Financial Communications Inc. Barbara Komorowski:
email@example.com Barry Mire:firstname.lastname@example.org Media
-Lynn Butler: email@example.com Tel.: (416) 644-2020 or (514)
SOURCE: Panoro Minerals Ltd.
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