Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) said Wednesday that it had closed a previously announced bought deal financing that raised S$16.1 million.
Proceeds from the offering will go towards exploration programs near its Tucano gold mine in Brazil as well as further afield in the region.
"This financing provides additional balance sheet strength to deliver our 2020 objectives and allows us to advance the exploration programs underway at Tucano, where we have 55,000 metres of drilling planned for 2020,” CEO Rob Henderson said in a statement thanking participants for their support.
Under the term sheet, the Vancouver-based company issued 40.25 million shares priced at US$0.40.
The offering was led by Cantor Fitzgerald Canada Corporation and BMO Nesbitt Burns Inc, who acted as co-lead underwriters and joint book-runners on behalf of themselves and a syndicate of underwriters, including HC Wainwright & Co LLC as lead manager, and Roth Capital Partners LLC as manager.
The financing, announced last week, was originally set for US$14 million but an overallotment option was exercised by the underwriters to provide an additional US$2.1 million.
Great Panther added Tucano to its portfolio in March 2019 as part of its US$105 million acquisition of Beadell Resources. In addition to Tucano, Great Panther operates the Topia mine and the Guanajuanto Mine Complex in Mexico.
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