Star Metro - Panther Minerals Closes Brokered Private Placement of $3,000,000

The Units were issued at a price of $0.25 per Unit for gross proceeds of $1,500,000. Each Unit consisted of one common share of the Company (a "Common Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Common Share at an exercise price of $0.33 per Common Share for a period of 24 months from the closing date (the "Closing Date"). The Common Shares and Warrants comprising the Units issued to purchasers in Canada are subject to a statutory hold period of four months and one day from the Closing Date in accordance with applicable Canadian securities laws.

The Special Warrants were issued at a price of $0.25 per Special Warrant for gross proceeds of $1,500,000. Each Special Warrant is convertible, without payment of any additional consideration, into one Common Share and one Warrant on the earlier of: (i) the issuance of a receipt for a final prospectus filed in the applicable Canadian jurisdictions qualifying the distribution of the Common Shares and Warrants issuable upon conversion of the Special Warrants; and (ii) the date that is four months and one day after the Closing Date. Each Warrant issuable upon conversion of a Special Warrant will be exercisable to acquire one additional Common Share at an exercise price of $0.33 per Common Share for a period of 24 months from the Closing Date.

The Company will use the net proceeds of the Offering for the exploration and development of its East Brouillan Property, including drilling and geophysics, and for general working capital purposes.

In connection with the Offering, the Company paid the Agent the following compensation: (i) a cash commission of $210,000; (ii) 840,000 non-transferable warrants (the "Agent's Warrants"), each Agent's Warrant exercisable to acquire one Common Share at a price of $0.25 per Common Share for a period of 24 months from the Closing Date; and (iii) a corporate finance fee of $60,000 plus applicable taxes was paid on the Closing Date.

The Units and Special Warrants were offered: (a) by way of private placement in the provinces of Alberta, British Columbia and Ontario pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; and (b) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities issued pursuant to the Offering to purchasers in Canada are subject to a statutory hold period of four months and one day from the Closing Date in accordance with applicable Canadian securities laws, except as may otherwise apply to the Common Shares and Warrants issuable upon conversion of the Special Warrants in the event the distribution of such securities is qualified by a prospectus. The Units and Special Warrants were issued to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503 - Distributions Outside Canada and, accordingly, the securities issued pursuant to the Offering to purchasers outside of Canada are not subject to a four-month and one day hold period in Canada.

Following the Closing Date, the Company will use commercially reasonable efforts to prepare and file with the securities regulatory authorities in each of the provinces in which the Special Warrants are sold, and obtain a receipt for, a final prospectus (the "Final Prospectus") qualifying the distribution of the Common Shares and Warrants to be issued upon exercise of the Special Warrants. In the event that the Company has not received a receipt for the Final Prospectus within four months and one day following the Closing Date, each Special Warrant then outstanding will be deemed to be exercised on that date, without any further action on the part of the holder and without payment of additional consideration, for one Common Share and one Warrant.

United States Securities Law Disclosure

The securities issued under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Panther Minerals Inc.

Panther Minerals Inc. is a North American mineral acquisition and exploration company focused on the development of quality precious and base metal properties that are drill-ready with high-upside and expansion potential. Panther Minerals trades on the CSE under the symbol PURR, on the OTCQB under the symbol GLIOF, and on the Frankfurt Stock Exchange under the symbol 2BC.

PANTHER MINERALS INC.

Ram Kumar, CEO and Director

For more information, please call 877-305-4150, email [email protected].

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, included herein are forward-looking statements.

Forward-looking statements in this news release may include, but are not limited to, statements regarding the intended use of the net proceeds of the Offering, the resale restrictions applicable to the securities issued under the Offering, including the expectation that securities issued to purchasers outside of Canada will not be subject to a four month and one day hold period in Canada, the preparation, filing and obtaining of a receipt for the Final Prospectus qualifying the distribution of the Common Shares and Warrants issuable upon conversion of the Special Warrants, the receipt of all necessary regulatory and CSE approvals, the listing of the securities issuable under the Offering on the CSE, and the Company's exploration plans and strategic direction. Forward-looking statements are based on the reasonable assumptions, estimates, and opinions of management as of the date such statements are made and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results or future events to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that the Company may not obtain a receipt for the Final Prospectus within the anticipated time period, or at all; the risk that the Company may not obtain the required regulatory or CSE approvals; the risk that the net proceeds of the Offering may be used in a manner different from that described herein; the risk that the resale restrictions applicable to the securities issued to purchasers outside of Canada may differ from those described herein, including the risk that a resale of such securities into Canada may constitute a distribution under applicable Canadian securities laws; general business, economic, competitive, political, and social uncertainties; uncertain and volatile equity and capital markets; reliance on key personnel; and changes in laws, regulations, and regulatory policies. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this news release.

SOURCE: Panther Minerals Inc.

View the original press release on ACCESS Newswire

D.Cameron--SMC