VANCOUVER, British Columbia, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. ("Panoro" or the "Company") (TSX.V: PML) is pleased to announce the closing of the second and final tranche (the "Second Tranche") of its previously announced "best efforts" private placement (the "Offering") for gross proceeds of C$520,000 from the sale of 1,300,000 units of the Company (each, a "Unit") at a price of C$0.40 per Unit (the "Offering Price"). The Company raised aggregate gross proceeds of C$3,438,200 from the sale of 8,595,500 Units at the Offering Price under the Offering. Red Cloud Securities Inc. acted as lead agent and sole bookrunner and Cormark Securities Inc. acted as co-agent (together, the "Agents") in connection with the Offering.
Each Unit consists of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") at a price of C$0.60 at any time on or before November 21, 2028.
The Company intends to use the net proceeds of the Offering for infill drilling, metallurgical testing, pre-feasibility engineering and completion of an updated preliminary economic assessment ("PEA") for the Cotabambas Copper-Gold-Silver project (the "Cotabambas Project") as well as working capital and general corporate purposes.
In accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption"). The Common Shares and Warrants underlying the Units, and the Warrant Shares underlying the Warrants, if exercised, are immediately freely tradeable in accordance with applicable Canadian securities legislation.
As consideration for their services in the Second Tranche, the Agents received a cash commission equal to 6.0% of the gross proceeds from the sale of the Units under the Second Tranche and non-transferable common share purchase warrants to purchase that number of Common Shares as is equal to 6.0% of the number of Units sold under the Second Tranche (the "Broker Warrants"). Each Broker Warrant is exercisable into one Common Share at the Offering Price at any time on or before December 23, 2028.
There is an offering document dated December 22, 2025 (the "Offering Document") related to the Second Tranche of the Offering that can be accessed under the Company's ...
