Sign up
Mining Capital

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


Register here to be notified of future Company articles
View full profile View Profile
View All

© mining Capital 2019

Mining Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed mining companies to interact with institutional and highly capitalised investors.
Headquartered in London, Mining Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.