Panoro Minerals Ltd. said that it increased its previous private placement offering of up to 10 million units to 12 million units.
The previous offering was expected to raise gross proceeds of $2.5 million.
The increased private offering of 12 million units would raise total proceeds of about $3 million with an allowance for an overallotment of an additional 2 million units and proceeds of $500,000.
The proceeds from the increased financing will be used to advance the Company's Cotabambas Copper-Gold Project in Southern Peru and for general working capital.
The first tranche of the private placement was completed on September 30, 2010 and consisted of 5.37 million units at a price of $0.25 for total gross proceeds of $1.34 million. Shares and warrants comprising the units are subject to a statutory hold period expiring on February 1, 2011.
