GPL - Great Panther Mining slumps 27% on $20M bought deal offering

Great Panther Mining Limited (NYSE:GPL) slumps 27.2% down premarket after entering into an underwriting agreement with H.C. Wainwright wherein the underwriter has agreed to purchase on a firm commitment basis 76,923,077 common shares at a $0.26 per share, for aggregate gross proceeds of ~$20M. Underwriters granted 30-day option to purchase up to an additional 11,538,461 shares. The company will pay to the underwriters a cash commission equal to 6.0% of the gross proceeds of the offering. Offering is expected to close on or about November 12, 2021. Net proceeds will be used for underground mine development and exploration programs at Tucano, and to maintain its working capital and for general corporate purposes.

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Great Panther Mining slumps 27% on $20M bought deal offering