VANCOUVER, B.C., Feb. 01, 2018 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) ("Panoro", or the "Company") is pleased to announce Hudbay Minerals Inc. (“Hudbay”) has exercised 2,060,484 common share purchase warrants for the purchase of Panoro Minerals shares resulting in aggregate proceeds of C$556,330 to the Company. These share purchase warrants were exercisable until August 26, 2018. After the exercise, Hudbay holds 30,823,849 common shares, or 11.74% of the outstanding shares of the Company.
The share purchase warrants were acquired by Hudbay as part of Panoro’s non-brokered private placement financing of August 2016. To date 4,158,391 (22.7%) of the 18,358,905 share purchase warrants exercisable at C$0.27 have been exercised providing C$1.12 million to the treasury.
In 2018, Panoro will continue growing the Cotabambas Project through targeted exploration drilling. The Company’s financial position is strong with funding already in place to 2020. The work plans, financial position and the strengthening copper market present an exciting combination for 2018 and beyond.
