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Great Panther raising up to US$17.3M to advance Tucano gold mine

Great Panther Mining Ltd. is raising about US$15.0 million via an underwritten placement of 20.0 million common shares at 75 U.S. cents apiece.

The company will also grant an overallotment option to the underwriters to purchase up to a further 3.0 million shares to raise about US$2.3 million, according to an Aug. 1 release.

Great Panther intends to use the net proceeds for near-mine and regional exploration programs and for capital expenditures at its Tucano gold mine in Brazil as well as for working capital and general corporate purposes.

The offering is expected to close Aug. 8.