TSX: GPR | NYSE American: GPL
VANCOUVER, July 9, 2019 /CNW/ - GREAT PANTHER MINING LIMITED
(TSX: GPR; NYSE American: GPL) ("Great Panther", the "Company")
announces that it has entered into an At-the-Market Offering
Agreement dated July 9,
2019 (the "ATM Agreement") with H.C. Wainwright & Co. (the
"Lead Agent"), and Eight Capital (collectively with the Lead Agent,
the "Agents"). Under the ATM Agreement, the Company will be
entitled, at its discretion and from time-to-time during the term
of the ATM Agreement, to sell, through the Lead Agent, as lead
sales agent, common shares of the Company (the "Common Shares")
having an aggregate gross sales price of up to US$25 million (the "Offering" or "ATM
Facility"). Sales of the Common Shares will be made in "at
the market distributions", as defined in National Instrument
44-102, directly on the NYSE American stock exchange ("NYSE
American") or on any other existing trading market in the United
States. No offers or sales of Common Shares will be made in
Canada on the Toronto Stock
Exchange or other trading markets in Canada.
![Great Panther Mining Limited (CNW Group/Great Panther Mining Limited) Great Panther Mining Limited (CNW Group/Great Panther Mining Limited)](https://mma.prnewswire.com/media/944886/Great_Panther_Mining_Limited_Great_Panther_Announces_At_The_Mark.jpg)
The Company will determine, at its sole discretion, the date,
price and number of Common Shares to be sold under the ATM
Facility. The Common Shares will be distributed at
market prices or prices related to prevailing market prices from
time to time. The Company is not required to sell any Common
Shares at any time during the term of the ATM Facility, and there
are no fees for having established the ATM Facility. The ATM
Agreement does not restrict the Company from conducting other
financings.
The Company intends to use the net proceeds of the Offering, if
any, for the Company's operational and capital expenditures, to
maintain its working capital balances and for general corporate
purposes. The Company will pay to the Lead Agent a placement
fee for Common Shares sold under the ATM Agreement and will
reimburse certain expenses of the Agents.
"We may use the ATM Facility as a means to supplement our
capital needs if the need arises", stated James Bannantine, President and CEO. "As
noted in our previous disclosures, Great Panther is also reviewing
and considering other financing options to refinance debt repaid in
connection with the acquisition of Beadell, and to fund our
projects and investments, and general working capital. These
investments include exploration at Tucano, which we commenced
shortly after closing the acquisition in March, various Tucano
optimization projects, as well as the Topia Mine expansion in
Mexico."
The TSX has conditionally approved the ATM Facility. The
Common Shares under the ATM Facility have been approved for listing
by the NYSE American, subject to notice of issuance.
The Offering will be made by way of a prospectus supplement
dated July 9, 2019 (the
"Prospectus Supplement") to the Company's existing Canadian short
form base shelf prospectus (the "Base Shelf Prospectus") and U.S.
registration statement on Form F-10, as amended (File No.
333-231830) (the "Registration Statement"), each dated July 2, 2019. The Registration Statement
was declared effective by the United States Securities and Exchange
Commission (the "SEC") on July 5,
2019. The Prospectus Supplement has been filed with the
British Columbia Securities Commission and the SEC. The
Canadian Prospectus Supplement (together with the related Canadian
Base Shelf Prospectus) is available on the SEDAR website maintained
by the Canadian Securities Administrators at www.sedar.com. The
U.S. Prospectus Supplement (together with the related U.S. Base
shelf Prospectus) is available on the SEC's website at
www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
ABOUT GREAT PANTHER
Great Panther Mining Limited is an 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 also owns the
Coricancha Mine in Peru, which is
expected to restart operations in 2020.
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 include, but
are not limited to, statements regarding the anticipated offering
of Common Shares under the ATM Facility, the proceeds from sales
under the ATM Facility, the anticipated use of proceeds from such
sales and the Company's financing options.
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
the market for Great Panther's securities, 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, 2018 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 complete any sales of Common Shares under
the ATM Facility or otherwise secure alternative financing
options. 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/great-panther-announces-at-the-market-offering-of-up-to-us25-million-300882277.html
SOURCE Great Panther Mining Limited