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Panoro Completes Bought Deal Financing and Hudbay Private Placement
Published : July 16, 2014
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Keywords :   Copper | Gold | Growth | Molybdenum | National Bank | Peru | Silver |

Panoro Completes Bought Deal Financing and Hudbay Private Placement

NOT FOR DISTRUBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, July 16, 2014 /CNW/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company") is pleased to announce that it has completed its previously announced bought deal public equity financing through its underwriters, National Bank Financial Inc. and Laurentian Bank Securities Inc. (the "Underwriters"). In conjunction with the completion of the bought deal financing, the Underwriters exercised the over-allotment option granted to them by the Company. Including the common shares issued pursuant to the exercise of the over-allotment option, a total of 13,800,000 common shares of the Company were issued and sold at a price of C$0.42 per common share for gross proceeds of C$5,796,000.

The Underwriters received a cash commission of C$347,760 representing 6% of the gross proceeds of the bought deal financing.

The Company also announces that it has completed its previously announced non-brokered private placement financing with Hudbay Minerals Inc. ("Hudbay") whereby Hudbay maintained its pro-rata ownership in Panoro of approximately 11.2%.  A total of 1,734,897 common shares were issued and sold to Hudbay at a price of C$0.42 per common share for gross proceeds of C$728,656.74. The common shares issued to Hudbay are subject to a hold period expiring on November 17, 2014.

The Company intends to use the net proceeds from the bought deal and private placement financings to fund the continued exploration and development of the Company's Cotabambas and Antilla projects.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Securities have not been and will not be registered under the United States Securities act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

About Panoro

Panoro is advancing its significant portfolio of copper and gold projects in the key Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects.

Since 2007, the company has completed over 70,000 m of exploration drilling at these two key projects leading to the delineation of mineral resources in late 2013 of:

Cotabambas:   Indicated Resource 117.1 Mt @ 0.42% Cu, 0.23g/t Au, 2.74 g/t Ag & 0.001%Mo (@0.2% Cueq cutoff)

  Inferred Resource 605.3 Mt @ 0.31% Cu, 0.17g/t Au, 2.33 g/t Ag and 0.002 %Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2013).
Antilla:   Indicated Resource 188.5 Mt @ 0.40% Cu and 0.009% Mo (@0.2% Cueq cutoff)

  Inferred Resource 145.9 Mt @ 0.28% Cu and 0.009%Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2014).

Panoro continues its exploration and drilling at the Cotabambas project while a Preliminary Economic Assessment (PEA) is underway by AMEC Americas Ltd.  The PEA is due for completion in the fall of 2014.  The already significant resource, together with significant geologic potential demonstrate the potential for a large scale open pit mine at the project. To date exploration at the Cotabambas Project has focused on the Ccalla and Azulccaca deposits. However, at least eight other porphyry and skarn target zones have been identified within the company's Cotabambas mineral concession blocks.  Drilling at these targets is planned.

A PEA for the Antilla Project is also planned for completion in the fall of 2014. The moderate scale of the resource at the Antilla Project together with strong infrastructure in the area may result in a moderate capital cost development plan for the project.

In addition to the Cotabambas and Antilla Projects, Panoro's portfolio includes more than 10 earlier stage projects in primarily the same region of south central PeruPeru's national objective of doubling copper production together with the development of the many copper projects in the region, together with the private and public investments into rail, road, power generation and transmission and port infrastructure are leading to the rapid growth of an important global center for copper production. Panoro's large portfolio is situated here along with the Las Bambas, Tintoya, Antapaccay, Haquira, Constancia, Las Chancas and Trapinche projects all of which are either in exploration stage, construction or already in production.

Luis Vela, a P. Geo Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

On behalf of the Board of Panoro Minerals Ltd.

Luquman A. 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 A. Shaheen, President & CEO
Phone: 604.684.4246
Fax: 604.684.4200
Email: info@panoro.com
Web: www.panoro.com

Renmark Financial Communications Inc. 
Barbara Komorowski:
bkomorowski@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com

Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Panoro Minerals Ltd

DEVELOPMENT STAGE
CODE : PML.V
ISIN : CA69863Q1037
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Panoro is a copper exploration company based in Canada.

Panoro develops copper and molybdenum in Peru.

Its main asset in development is ANTILLA in Peru and its main exploration properties are COTABAMBAS, EL ROSAL, LA RAMADA and COCHASAYHUAS in Peru.

Panoro is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 34.9 millions as of today (US$ 27.9 millions, € 24.4 millions).

Its stock quote reached its highest recent level on April 06, 2007 at CA$ 0.94, and its lowest recent point on March 13, 2009 at CA$ 0.06.

Panoro has 258 150 000 shares outstanding.

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Financings of Panoro Minerals Ltd
7/16/2014Completes Bought Deal Financing and Hudbay Private Placement
3/9/2012Closes Bought Deal Private Placement to Raise $13.8 Million
2/23/2012Announces $10,002,000 Bought Deal Financing
7/8/2011Announces Closing of Second and Final Tranche of Financing
7/4/2011Announces Closing of First Tranche of Financing
1/5/2010Closes $622,800 Private Placement
Option Grants of Panoro Minerals Ltd
8/16/2011(Cotabambas)Restarts Cotabambas Drill Program and Grants Options
2/19/2008Company Grants Stock Options
Nominations of Panoro Minerals Ltd
5/8/2011. Retains Renmark Financial Communications Inc.
2/22/2011Announces Appointment of Mr. David W. Huber as Chief Financi...
6/8/2010Appoints Kallpa Securities SAB as Sponsor for Listing on Lim...
3/25/2010Appoints Richard Mundie To Board of Directors
4/18/2008 Lays Foundation for Future with Orderly CEO Succession, App...
Project news of Panoro Minerals Ltd
7/15/2013(Cotabambas)Intersects 128.9 Meters Grading 1.29 % Cu, 0.96 g/t Au and 9...
5/6/2013(Cotabambas)Intersects 103.6 Meters Grading 0.79 %Cu, 0.58 g/t Au and 5....
1/28/2013(Antilla)Recommences Antilla Cu/Mo Project, Peru
11/1/2012(Cotabambas)Announces Results from Ongoing Exploration At 100% Owned ...
7/10/2012Adds Significant Potential for Additional Resources With Dis...
6/20/2012Announces Approval of Environmental Impact Assessment (EIAsd...
4/16/2012(Cotabambas)Intersects 114.1 metres Grading 1.70% Copper, 1.2 G/t Gold a...
12/12/2011Welcomes Option Agreement between Strait Gold and Teck for t...
10/5/2011(Cotabambas)Completes Geophysical Program and Advances 24,400 m Drill Pr...
3/29/2011(Cotabambas)Completes Three Year Community Agreement and Plans Expansion...
2/17/2011(Cotabambas)Project Update
7/23/2010(Antilla)Initial Assay Results Of The Infill Drilling Program At Pano...
6/23/2010(Antilla)Infill Drilling Program Making Progress at Panoro's Antilla...
9/29/2009(Alicia Property)Options Alicia Cu-Au Property in Peru to Strait Gold Corpora...
1/28/2009(Antilla)Successful Completion of 2008 Exploration Program at Antilla...
9/3/2008(Antilla)Antilla, Peru, Further Results Meet and Exceed Expectations,...
8/13/2008(Antilla)Encouraging First Results Indicating Continuity of Grade and...
6/25/2008(El Rosal)Acquires Additional Mineral Concessions at El Rosal Project,...
12/3/2007(El Rosal)Final Drilling Permit for El Rosal received Field Work under...
11/21/2007Progress on the Permitting Front and Community Relations App...
Corporate news of Panoro Minerals Ltd
6/17/2016Panoro Minerals Announces Filing of Antilla Cu/Mo Project Pr...
6/1/2016Panoro Minerals Announces Receipt of Second Early Deposit Pa...
5/24/2016Panoro Announces Appointment of Chief Financial Officer
5/2/2016Panoro Reports Positive Preliminary Economic Assessment For ...
4/19/2016Panoro Minerals Announces Receipt of First Early Deposit Pay...
12/2/2015Panoro Minerals Announces Approval of Expanded Environmental...
11/25/2015Panoro Minerals Announces Interim CFO
11/2/2015Panoro Announces Ms. Kathryn Johnson as Chief Financial Offi...
9/22/2015IIROC Trading Resumption - PML
9/22/2015Panoro Reports Updated Preliminary Economic Assessment Resul...
9/22/2015IIROC Trading Halt - PML
4/9/2015IIROC Trading Resumption - PML
4/9/2015Panoro Reports Positive Preliminary Economic Assessment for ...
4/9/2015IIROC Trading Halt - PML; AHC
2/5/2014Announces Granting of Options
1/20/2014(Cotabambas)Continues to Intersect Good Copper-Gold Grades at the Cotaba...
12/31/2013- Death of Director - Jaime Quijandr=EDa Salm=F3n
12/16/2013(Antilla)announces significant increase and upgrade for Antilla Cu/Mo...
10/30/2013(Cotabambas)Increases Copper and Gold Resources by 40% at the Cotabambas...
3/14/2013completes C$15 million bought deal financing
2/25/2013(Cotabambas)Intersects 110.8 Meters Grading 1.64 % Cu, 0.68 g/t Au and 6...
1/21/2013(Cotabambas)Intersects 92 Metres Grading 0.95 %Cu, 0.49 g/t Au and 6.2 g...
12/11/2012completed Table from December 11, 2012 Press Release
12/11/2012(Cotabambas)Intersects 60 Metres Grading 1.55% Cu, 0.57 g/t Au and 7 g/t...
10/26/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/24/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/17/2012Announces Granting of Options and Appointment of VP Expl...
9/28/2012(Antilla)Arbitration Committee Confirms Termination of Joint Venture ...
9/27/2012Arbitration Committee Confirms Termination of Joint Venture ...
9/11/2012(Cotabambas)Cotabambas Project Resource Estimate Shows Increase to 3.75 ...
6/13/2012(Cotabambas)Intersects 55.35 Metres Grading 0.97% Copper, 0.16 G/t Gold ...
1/19/2012(Cotabambas)Intersects Near Surface Enriched Zone With 92.35 Metres Grad...
1/4/2012Announces Approval of Application to the British Columbia an...
12/7/2011(Cotabambas)Continues to Intersect High Grade Copper-Gold Mineralization...
6/15/2011Announces Corporate Plans
5/11/2011(Cotabambas)Intersects 206 Metres Grading 0.51% Cu and 0.31 g/t Au at th...
3/7/2011(Cotabambas)Announces First Drill Results for the Cotabambas Copper Gold...
2/13/2010Retains Ascenta Capital Partners for Investor Relations
6/22/20091.6 Billion pound Copper Inferred Resource Estimate at the E...
6/15/2009annual general meeting
6/2/2008Exploration Program Commenced at Antilla Project
5/21/2008With Permit in Hand Panoro to Start Drilling Program at the ...
5/13/2008Announces Proposed Implementation of Shareholders Rights Pla...
4/7/2008 Changes Name of Subsidiary in Peru to Panoro Apurimac S.A.
3/17/2008 Grants Consorcio Minero Horizonte Option to earn 50% in Coc...
1/21/2008 Starts First of Four Drill Programs
12/5/2007 Signs Formal Agreement with Antilla Community Drilling in e...
10/4/2007Two of the Company's Projects Designated as Projects of Nati...
9/18/2007Progress Report since the Acquisition of Cordillera de las M...
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TSX-V (PML.V)FRANKFURT (PZM.F)
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