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Canadian News
Great Panther Resources Announces C$10 Mln Equity Offering - Quick Facts
10/27/2009 10:21 AM ET
(RTTNews) -
Great Panther Resources Ltd. (GPR.TO: News ) announced that it has filed a preliminary short form prospectus in Canada in connection with an agency offering of units to raise up to C$10 million. Each unit will consist of one common share and one-half of one common share purchase warrant, each whole warrant exercisable to purchase one common share for a term of two years from the closing date. The company noted that the offering price will be determined before the filing of the final short form prospectus.
The company has agreed to grant the agents an over-allotment option to purchase up to that number of additional units of Great Panther equal to 15% of the units sold pursuant to the offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the offering. If the over-allotment option is exercised in full, the total gross proceeds to Great Panther will be approximately C$11.5 million.
The company intends to use the net proceeds of the offering to accelerate exploration drilling, mine development, the acquisition of new underground equipment, mine infrastructure refurbishment including power distribution at Guanajuato and plant equipment replacement and upgrades at both Topia and Guanajuato, and for general working capital purposes.
The company expects the offering to close on or about November 17.
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by RTT Staff Writer
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