Panoro Minerals Closes First Tranche of Private Placement
01 October 2010 - 11:30PM
Marketwired
Panoro Minerals Ltd. ("Panoro") (TSX VENTURE: PML)(BVLAC:
PML)(FRANKFURT: PZM) is pleased to announce the completion of the
first tranche of its private placement announced on September 27,
2010, consisting of 5,379,620 units at a price of $0.25 per Unit
for total gross proceeds of C$1,344,905.
Each unit consists of one common share and one-half of one
common share purchase warrant, with each full warrant entitling the
holder thereof to acquire one additional common share of Panoro at
a price of $0.35 for a period of 18 months following the closing of
the financing. Shares and warrants comprising the units are subject
to a statutory hold period expiring on February 1, 2011.
The proceeds from the financing will be used to advance the
Company's Cotabambas Copper-Gold Project in Peru and for general
working capital. The first part of the program at Cotabambas
includes the re-logging of existing core to better constrain the
geologic and resource block models. Secondly, four drillholes will
be completed to test the extensions of known mineralization and
preliminary metallurgical test work will be carried out to assess
potential recoveries of copper and gold.
The Company also announces it has granted an option to purchase
100,000 common shares to a member of senior management. The options
have an exercise price of $0.25 and will expire on September 22,
2015.
On behalf of the Board of Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and
Director
About Panoro Minerals Ltd.
Panoro's strategic focus is to move its advanced stage Copper
and Copper/Gold projects to feasibility and development stages and
to explore its other projects.
The Company's most advanced projects, Cotabambas and Antilla,
contain NI 43-101 compliant inferred resources of:
Cotabambas 90 Mt @ 0.77% Cu and 0.42 g/t Au at 0.40% Cu cut-off
Antilla 154 Mt @ 0.47% Cu and 0.009% Mo at 0.25% Cu cut-off
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.
Contacts: Panoro Minerals Ltd. Luquman Shaheen President &
CEO 604.684.4246 604.684.4200 (FAX) info@panoro.com www.panoro.com
Ascenta Capital Partners Inc. Jim Glass Investor Relations
604.684.4743 ext. 225 or 866.684.4209 jim@ascentacapital.com
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