Great Panther Resources Limited

Great Panther Resources Limited

November 04, 2005 22:50 ET

Great Panther Resources Limited: New Brokered Private Placement; Great Panther Appoints Bolder For $6.2 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 4, 2005) - GREAT PANTHER RESOURCES LIMITED (TSX VENTURE:GPR) (the "Company") is pleased to announce the appointment of Bolder Investment Partners, Ltd. ("Bolder") to act as its agent, on a commercially reasonable best efforts basis, to offer, by way of a brokered private placement, up to 10,000,000 units at a price of $0.62 per unit for gross proceeds of up to $6,200,000 (the "brokered offering").

Each unit of the brokered offering will consist of one common share of Great Panther and one non-transferable share purchase warrant. One warrant will entitle the holder to acquire, upon exercise, one common share of Great Panther for a period of 24 months from the date of closing of the brokered offering at a price of $0.90.

In consideration for its services as agent, Bolder will be paid a commission equal to 7% of the gross proceeds raised, payable in cash, or up to half in units, at the option of the agent. In addition, Bolder will receive non-transferable agent's warrants entitling Bolder to purchase up to such number of common shares of the Company as is equal to 10% of the number of units sold under the brokered offering. The agent's warrants will be exercisable for a period of 2 years from the date of closing at a price of $0.90 per share. The Company will also pay the agent a work fee and reasonable expenses incurred in connection with the offering.

The net financing proceeds will be used by the Company to pay approximately $5,200,000 on account of the purchase price of the Guanajuato Mines acquisition announced on October 27, 2005, and to provide further working capital for the Company's operations. Consideration of debt financing has been temporarily deferred.

The brokered offering is subject to acceptance for filing by the TSX Venture Exchange.


Kaare G. Foy, Chairman and CFO

SEC 20-F Statement Filed

Standard & Poor's Listed

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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