|Panoro Announces Increase in Financing to $6,500,000 and Closing of Second Tranche|
October 18, 2010
Vancouver, B.C., October 18, 2010 -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") is pleased to announce that further to its news release dated October 13, 2010, and due to significant additional demand from institutional investors, the Company has decided to increase the private placement for a third and final time from 18,000,000 Units with proceeds of $4,500,000 to 26,000,000 Units for total proceeds of approximately $6,500,000. Closing will take place within the week. The additional funds will enable the Company to accelerate the advancement of its two flagship projects.
In addition, the Company closed the second tranche of its private placement consisting of 5,622,296 units (the "Units") at a price of $0.25 per Unit for total gross proceeds of $1,405,574 on October 15, 2010. The Company will pay $49,824 in finder's fees and issue 216,810 finders warrants which will entitle the finders to purchase shares of the Company on the same terms as the warrants under the financing. Insiders of the Company purchased 648,544 Units of the second tranche and 280,000 Units of the first tranche.
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 tranche. Shares and warrants comprising the Units are subject to a hold period expiring on February 16, 2011.
The first tranche of the private placement was completed on September 30, 2010 and consisted of 5,379,620 Units at a price of $0.25 for total gross proceeds of $1,344,905.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Jim Glass, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 225
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.