Panoro Minerals Ltd.

Panoro Minerals Ltd.

October 13, 2010 16:10 ET

Panoro Announces Increase in Financing to $4,500,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2010) - Panoro Minerals Ltd. (TSX VENTURE:PML)(BVLAC:PML)(FRANKFURT:PZM) ("Panoro") is pleased to announce that further to its news release dated October 12, 2010, the private placement offering (the "Offering") of up to 14,000,000 units (the "Units") for gross proceeds of $3,500,000 has been increased to 18,000,000 Units for total proceeds of approximately $4,500,000. The size of the placement has been increased due to high demand from institutional investors.

Each Unit consists of one common share and one-half of one common share purchase warrant, with each full warrant entitling the holder thereof to acquire one additional common share of Panoro at a price of $0.35 for a period of 18 months following the closing of the financing. 

The first tranche of the private placement was completed on September 30, 2010 and consisted of 5,379,620 Units at a price of $0.25 for total gross proceeds of $1,344,905. Shares and warrants comprising the Units are subject to a statutory hold period expiring on February 1, 2011.

On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and Director

This release was prepared by management of the Company who takes full responsibility for its contents.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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