NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, May 13, 2026 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (“Panoro” or the “Company”) (TSXV:PML) (BVL: PML) (FSE: PZM) (OTCQB: POROF) is pleased to announce the closing of its previously announced “best efforts” private placement (the “Offering”) for gross proceeds of approximately C$21,000,000 from the sale of 22,105,263 common shares of the Company (the “Shares”) at a price of C$0.95 per Share (the “Offering Price”). Clarus Securities Inc. acted as lead agent and sole bookrunner, on behalf of a syndicate of agents including Red Cloud Securities Inc., Agentis Capital Markets (First Nations Financial Markets Limited Partnership) and Raymond James Ltd. (together, the “Agents”) in connection with the Offering.
The Company intends to use the net proceeds of the Offering for exploration and development at the Cotabambas Copper-Gold-Silver Project in Peru and for general corporate and working capital purposes.
In accordance with National Instrument 45-106 - Prospectus Exemptions (“NI 45-106”), the Shares were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Shares were also offered for sale on a private placement basis pursuant to available exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable U.S. state securities laws, and in other offshore jurisdictions provided that no prospectus filing or comparable obligation arose. The Shares are not subject to a statutory hold period under applicable Canadian securities legislation, subject to compliance with the policies of the TSX Venture Exchange (the “TSXV”) with respect to issuances of Shares to insiders of the Company.
As consideration for their services in the Offering, the Agents received a cash commission of approximately $1,260,000, such amount being equal to 6.0% of the gross proceeds from the sale of the Shares under the Offering and 1,326,315 non-transferable compensation options (the “Compensation Options”), such amount being equal to 6.0% of the number of Shares sold under the Offering. Each Compensation Option is exercisable into one Share at a price of C$1.00 per Share at any time on or before May 13, 2027.