logo-loader
viewGreat Panther Mining Limited

Great Panther Mining arranges US$25M market offering

On Monday, this week, the miner also told investors it had decided to put its Coricancha project into production.

Gold pour
Great Panther is an intermediate precious metals miner

Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) said Wednesday it can bring in up to US$25 million via a market offering for operational and capital expenditures and working capital.

In a statement, the intermediate precious metal miner, said it had struck an at-the-market offering agreement (ATM) with H.C. Wainwright & Co and Eight Capital.

The lead agent will be  H.C. Wainwright & Co.

READ THE DEEP DIVE: Growth at Tucano mine in Brazil the key focus for Great Panther Mining this year

"We may use the ATM facility as a means to supplement our capital needs if the need arises", said James Bannantine, Great Panther's president and CEO.

"As noted in our previous disclosures, Great Panther is also reviewing and considering other financing options to refinance debt repaid in connection with the acquisition of Beadell, and to fund our projects and investments, and general working capital."

The company boss said these investments included exploration at Beadell's Tucano mine in Brazil, which started shortly after closing the acquisition in March, various Tucano optimization projects, as well as the Topia Mine expansion in Mexico.

Production decision

On Monday, this week, the miner also told investors it had decided to put its Coricancha gold-silver-lead-zinc-copper underground mine into production.

Under the ATM deal, Great Panther can, from time-to-time, during the term of the agreement, sell, through the lead agent, its shares having an aggregate gross sales price of up to US$25 million.

Sales of the shares will be made in "at the market distributions", as defined in National Instrument 44-102, directly on the NYSE American stock exchange or on any other existing trading market in the United States. 

No offers or sales of the shares will be made in Canada on the Toronto Stock Exchange or other markets in Canada. 

The TSX has conditionally approved the facility, while the under the ATM facility have been approved for listing by the NYSE American, subject to notice of issue, said GPR.

Contact the author at [email protected]

Follow him on Twitter@Gile74

Quick facts: Great Panther Mining Limited

Price: 0.57 CAD

TSX:GPR
Market: TSX
Market Cap: $177.48 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Great Panther Mining Limited named herein, including the promotion by the Company of Great Panther Mining Limited in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Great Panther Mining announces very positive drill results from Tucano Gold Mine

Great Panther Mining (TSE: GPR-NYSE American: GPL) President and CEO Jim Bannantine dropped into the Vancouver studio of Proactive to give Steve Darling the first results from in-mine exploration since the Company acquired the Tucano Gold Mine. Bannantine talks about how many holes they...

on 30/7/19

2 min read