Panoro Closes Third and Final Tranche of $6.5 Million Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/01/10 -- Panoro Minerals Ltd. (TSX VENTURE: PML)(BVLAC: PML)(FRANKFURT: PZM)(WKN914959) ('Panoro') is pleased to announce that further to its news release dated October 18, 2010, the third tranche of its private placement was closed on October 29, 2010. The tranche consisted of 14,803,084 Units at a price of $0.25 per Unit and gross proceeds of $3,700,771. The Company will pay $243,030 in finder's fees and issue 972,122 finders warrants which will entitle the finders to purchase shares of the Company on the same terms as the warrants under the financing. Shares and warrants comprising the Units are subject to a hold period expiring on March 2, 2011.
The combined total of the three tranches is 25,805,000 Units for gross proceeds of $6,451,250. Total finder's fees were $297,233 and 1,188,933 warrants. Insiders of the Company purchased 1,643,264 Units.
The proceeds will be utilized to expeditiously advance Panoro's projects in Peru. Details of programs will be forthcoming.
On behalf of the Board of Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and Director
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