Name Changed to Great Panther Mining Limited
VANCOUVER, March 5, 2019 /CNW/ - GREAT PANTHER MINING
LIMITED (TSX: GPR; NYSE American: GPL) ("Great Panther", the
"Company") is pleased to announce that it has completed the
acquisition (the "Acquisition") of Beadell Resources Limited
("Beadell") and changed its name to Great Panther Mining
Limited.
"We are very pleased to close this important transaction that
immediately transforms Great Panther into an intermediate precious
metals producer with a strong and diversified portfolio of
producing mines, advanced stage growth projects, and exploration
assets," stated James Bannantine,
President and CEO. "Combining Great Panther and Beadell's
respective guidance adds to approximately 200,000 of gold
equivalent ounces for 2019 and positions the Company in the ranks
of intermediate producers(1). Our focus in the
near-term will be on the integration of the Brazilian operations,
the continued optimization of the Tucano gold mine, and advancing
an exploration program to unlock the significant exploration
potential of Tucano."
Concurrent with the completion of the Acquisition, Dr.
Nicole Adshead-Bell, former CEO
& Managing Director of Beadell, joins Great Panther's Board of
Directors. Mr. R.W. (Bob)
Garnett, Chair of Great Panther said: "We are pleased to
welcome Dr. Adshead-Bell to Great Panther's Board of Directors. Her
extensive knowledge of precious metal exploration and mining, plus
many years of buy-side, capital markets and corporate experience,
will help Great Panther in realizing the significant upside
potential of Tucano."
Great Panther acquired 100% of the issued and outstanding shares
of Beadell through the issuance of 103,593,043 Great Panther shares
to Beadell shareholders, representing approximately 38% of the
post-Acquisition issued and outstanding Great Panther shares.
The share exchange represents a ratio of 0.0619 Great Panther
shares for each Beadell share.
Name Change and Trading of the Great Panther
Shares
The Company's CUSIP will remain unchanged with the
name change to Great Panther Mining Limited and the shares will
continue to trade on the Toronto Stock Exchange under the symbol
GPR and on the NYSE American under the symbol GPL. Beadell's
shares ceased trading on the Australian Securities Exchange on
February 18, 2019 and are expected to
be delisted on March 6, 2019.
(1)
|
Gold equivalent ounce
production guidance for Great Panther based on the January 17, 2019
press release and associated metal conversion assumptions, and
Beadell's January 29, 2019 press release with production guidance
for Tucano. The Company will review Beadell's guidance and
expects to provide an update with the Company's reporting for the
first quarter of 2019.
|
Offer to Purchase Outstanding Debentures
As disclosed
in Great Panther's news release dated November 30, 2018 and its information circular in
connection with the Acquisition, Great Panther will now proceed to
make an offer (the "Offer") to purchase for cash Beadell's
outstanding US$10,000,000 principal
amount, 6.00% convertible senior secured debentures maturing on
June 30, 2023 (the "Debentures") at a
price equal to 105% of the principal amount, plus accrued and
unpaid interest. The Offer will be open for acceptance until
April 3, 2019. Great Panther
will provide a further update on the earlier of acceptance by all
holders of the Debentures of the Offer, or expiry of the
Offer. Any Debentures that are not purchased in the Offer will
remain outstanding and will be guaranteed by Great Panther and
convertible into Great Panther common shares further to a
supplemental indenture to the original indenture governing the
Debentures. Details of the Offer will be provided in a notice
of the Offer to be mailed to the holders of the Debentures.
ABOUT GREAT PANTHER
Great Panther Mining Limited is a growth-oriented intermediate
precious metals mining and exploration company listed on the
Toronto Stock Exchange trading under the symbol GPR, and on the
NYSE American under the symbol GPL. Great Panther operates three
mines including the Tucano Gold Mine in Amapá State, Brazil, and two primary silver mines in
Mexico: the Guanajuato Mine
Complex and the Topia Mine. Great Panther is also evaluating
the restart of the Coricancha project in Peru and expects to make a decision on whether
or not to restart the project by the end of March 2019.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
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 may include, but
are not limited to, statements regarding the integration of the
Brazilian operations, the exploration potential of the Tucano
property, and the timing or positive outcome of a production
decision for the Coricancha project.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements expressed or implied by such
forward-looking statements to be materially different. Such
factors include, among others, risks and uncertainties relating to
potential political and social risks involving Great Panther's
operations in a foreign jurisdiction, the potential for unexpected
costs and expenses, fluctuations in metal prices, fluctuations in
currency exchange rates, physical risks inherent in mining
operations, operating or technical difficulties in mineral
exploration, changes in project parameters as plans continue to be
refined, and other risks and uncertainties, including those
described in respect of Great Panther, in its annual information
form for the year ended December 31,
2017 and material change reports filed with the Canadian
Securities Administrators available at www.sedar.com and reports on
Form 40-F and Form 6-K filed with the Securities and Exchange
Commission and available at www.sec.gov.
There is no assurance that such forward looking statements will
prove accurate; results may vary materially from such
forward-looking statements; and there is no assurance that the
Company will be able to identify and acquire additional projects or
that any projects acquired will be successfully developed.
Readers are cautioned not to place undue reliance on forward
looking statements. The Company has no intention to update
forward looking statements except as required by law.
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SOURCE Great Panther Mining Limited