Great Panther Mining Limited (TSX:GPR, NYSE:GPL) has closed its upsized public underwritten offering that raised gross proceeds of about $23 million.
The company said it intends to use the net proceeds for underground mine development and exploration programs at its Tucano gold mine in Brazil, to maintain its working capital, and for general corporate purposes.
Under the offering, Great Panther issued 88,461,538 shares, which included the exercise in full by the underwriters of the option to purchase an additional 11,538,461 shares, at $0.26 each.
READ: Great Panther Mining eyeing full potential of its Tucano mine as it reports 3Q results
H.C. Wainwright & Co. acted as sole book-running manager for the offering and representative of a syndicate of underwriters. Cormark Securities Inc. and Roth Capital Partners acted as co-managers.
The company paid to the underwriters a cash commission equal to 6.% of the gross proceeds.
Great Panther is a growing gold and silver producer focused on the Americas. It owns a diversified portfolio of assets in Brazil, Mexico, and Peru that includes three operating gold and silver mines, an advanced development project, and a large land package with district-scale potential.
The company is focused on creating long-term stakeholder value through safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio.
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