VANCOUVER, British Columbia, Nov. 21, 2025 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. ("Panoro" or the "Company") (TSX.V: PML), is pleased to announce the closing of the first tranche (the "First Tranche") of its previously announced "best efforts" private placement (the "Offering") for gross proceeds of C$2,918,200 from the sale of 7,295,500 units of the Company (each, a "Unit") at a price of C$0.40 per Unit (the "Offering Price"). Red Cloud Securities Inc. is acting as lead agent and sole bookrunner with Cormark Securities Inc. acting 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 First Tranche, the Agents received a cash commission equal to 6.0% of the gross proceeds from the sale of the Units under the First 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 First Tranche (the "Broker Warrants"). Each Broker Warrant is exercisable into one Common Share at the Offering Price at any time on or before November 21, 2028.
There is an amended and restated offering document dated November 12, 2025 (the "Offering Document") related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at: www.panoro.com.
The closing of the final tranche of the Offering is expected to occur on or about November ...
