Junior financing, M&A roundup: Panoro, Catalyst, Corex, Miranda

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Wednesday, June 25, 2014

Vancouver's Panoro Minerals entered into an agreement with National Bank Financial as lead underwriter on behalf of a syndicate of underwriters which has agreed to purchase 12mn common shares at Cdn$0.42 each for gross proceeds of Cdn$5.04mn (US$4.7mn).

Panoro plans to use the net proceeds to fund the continued exploration and development of its Cotabambas copper-gold-silver project in Peru, as well as for working capital and general corporate purposes, said a press release.

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The offering is expected to close on or about July 16.

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Vancouver-based Catalyst Copper announced a non-brokered private placement of up to 20mn units at a price of Cdn$0.07 each for gross proceeds of up to Cdn$1.4mn, the company said in a statement.

Proceeds will be used for payment of costs of a study made by JDS Energy and Mining, existing payables and for general working capital. Catalyst focuses on copper mining projects in Mexico, including its La Verde property, in Michoacán state.

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Vancouver's Corex Gold entered into a letter agreement with H. Morgan and Company to provide financing of up to Cdn$1.65mn and operational and management services to the company's Santana property in Mexico's Sonora state, a company release said.

The financing agreement is in two tranches. The first, for Cdn$400,000, will be advanced upon satisfactory completion of due diligence and agreement upon the final form of written agreements by Morgan. The second tranche of Cdn$1.25mn will be advanced following satisfactory completion of the initial work program.

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Vancouver-based Miranda Gold announced that an agreement with Prism Resources is now effective and Prism issued Miranda 200,000 common shares and reimbursed US$90,000 that was paid by Miranda to the underlying leaseholder.

Miranda and Prism are developing a minimum Cdn$100,000 budget work program for the Cerro Oro gold project in Colombia, consisting of a combination of mapping, rock chip and soil sampling, trenching and geophysical survey, said the company in a statement.

Prism is obligated to fund exploration related expenditures of US$4mn to earn a 51% interest in the project, and through additional funding can earn an additional 19% for a total stake of 70%.