Great Panther To Raise $4.05 Million Through Convertible Loan
Notes With Two British Isles-Based Funds
GREAT PANTHER RESOURCES LIMITED (TSX: GPR; "the Company") is raising
$4.05 million through the private placement of two Convertible Loan
Notes, each of $2,025,000 with City Natural Resources High Yield Trust
PLC and New City High Yield Fund Limited of the British Isles. The
Notes will bear interest at 8% per annum, payable quarterly, and will
mature in 4 years. The Notes will be convertible at the option of the
holders into common shares of the Company at the conversion price of
$2.25 per share, which is an approximate 25% premium to the market
price of the Company's common shares when the decision to enter into
the agreements was made.
The proceeds from the Notes will be used to accelerate exploration
activities at the Mapimi Project in Durango, Mexico where geophysical
surveys are outlining several large areas interpreted as buried
sulphide mineralization worthy of drill testing; a deep drilling
program at the Guanajuato Mine; and for working capital to increase
production at the Company's Guanajuato and Topia Mines.
The Notes and the 1.8 million common shares issued on conversion will
be subject to hold periods expiring 4 months plus one day from the date
of the Notes. No commissions or finder's fees are payable. The
private placement is subject to acceptance for filing by the TSX.
For further information please visit the website at
www.greatpanther.com or contact Brad Aelicks at telephone 604 685 6465,
fax 604 685 9744 or e-mail firstname.lastname@example.org.
ON BEHALF OF THE BOARD
"Kaare G. Foy"
Kaare G. Foy
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and forward-looking information within the meaning of the
Securities Act (Ontario) (together, "forward-looking statements").
Such forward-looking statements may include but are not limited to the
Company's plans for production at its Guanajuato and Topia Mines in
Mexico, exploring its other properties in Mexico, the overall economic
potential of its properties, the availability of adequate financing and
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements expressed or
implied by such forward-looking statements to be materially different.
Such factors include, among others, risks and uncertainties relating to
potential political risks involving the Company's operations in a
foreign jurisdiction, uncertainty of production and cost estimates and
the potential for unexpected costs and expenses, physical risks
inherent in mining operations, currency fluctuations, fluctuations in
the price of silver, gold and base metals, completion of economic
evaluations, changes in project parameters as plans continue to be
refined, the inability or failure to obtain adequate financing on a
timely basis, and other risks and uncertainties, including those
described in the Company's Annual Report on Form 20-F for the year
ended December 31, 2006 and reports on Form 6-K filed with the
Securities and Exchange Commission and available at www.sec.gov and
Material Change Reports filed with the Canadian Securities
Administrators and available at www.sedar.com.
Copyright (c) 2007 GREAT PANTHER RESOURCES LIMITED (GPR) All rights
reserved. For more information visit our website at
http://www.greatpanther.com/ or send mailto:email@example.com