This news release constitutes a "designated news release" for
the purposes of the Company's prospectus supplement dated
October 15, 2021, to its short form
base shelf prospectus dated September 10,
2021.
VANCOUVER, BC, Oct. 26,
2022 /CNW/ - Great Panther Mining Limited (OTCPK:
GPLDK) ("Great Panther" or the "Company") announces that it has
entered into a Share Purchase Agreement (the "Agreement") with
Newrange Gold Corp. ("Newrange") to sell to Newrange the Company's
subsidiaries, Great Panther Peru Holdings Ltd. and Great Panther
Silver Peru S.A.C.(the "Subsidiaries"), which together own Great
Panther Coricancha S.A.C., which in turn holds the Coricancha Mine
in Peru.
Coricancha, located in the central Andes of Peru approximately 90 kilometres east of
Lima, is a past producing mine
which the Company acquired in June
2017 and has remained in care and maintenance since
then.
Under the terms of the Agreement, Newrange will acquire the
Subsidiaries for a total purchase price of US$750,000 (the "Transaction"), payable in
cash.
Completion of the Transaction is subject to certain closing
conditions including, but not limited to, the approval of the
Supreme Court of British Columbia
required to be obtained in connection with the Company's ongoing
restructuring proceedings and receipt by Newrange of the approval
of the TSX Venture Exchange.
ABOUT GREAT PANTHER
Great Panther Mining is a precious metals producer focused on
the operation of the Tucano Gold Mine in Brazil where the Company controls a land
package covering nearly 200,000 hectares in the prospective Vila
Nova Greenstone belt.
CAUTIONARY STATEMENT ON
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
Canadian securities laws (together, "forward-looking statements").
Such forward-looking statements include but are not limited to the
completion of the Transaction and the satisfaction of the
conditions precedent to closing set forth in the Agreement.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant procedural, operational, business, economic and
regulatory risks and uncertainties, including the risk that the
Transaction will not be approved by the Supreme Court of
British Columbia or the TSX
Venture Exchange, and the risks described in respect of Great
Panther in its most recent annual information form and management's
discussion and analysis filed with the Canadian Securities
Administrators and available at www.sedar.com and its
most recent annual report on Form 40-F and management's discussion
and analysis on Form 6-K filed with the Securities and Exchange
Commission and available at www.sec.gov.
There is no assurance that these forward-looking statements will
prove accurate or that actual results will not vary materially from
these forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described, or
intended. Accordingly, readers are cautioned not to place undue
reliance on forward looking statements. Forward-looking statements
and information are designed to help readers understand
management's current views of our near- and longer-term prospects
and may not be appropriate for other purposes. The Company does not
intend, nor does it assume any obligation to update or revise
forward-looking statements or information, whether as a result of
new information, changes in assumptions, future events or
otherwise, except to the extent required by applicable
law.
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SOURCE Great Panther Mining Limited