Great Panther Silver Limited
Fastest growing primary silver producer in Mexico.
Message: Closes Private Placement
| January 23, 2009 |
| Great Panther Closes Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2009) - GREAT PANTHER RESOURCES LIMITED (TSX:GPR) (the "Company") is pleased to announce that it has closed a private placement offering (the "Offering") of 5,125,000 units of the Company ("Units") at a price of $0.20 per Unit to raise gross proceeds of $1,025,000. Each Unit comprises one common share and one-half of one non-transferable share purchase warrant. The securities issued in the private placement are subject to a hold period expiring May 24, 2009. Each whole warrant entitles the holder, upon exercise, to acquire one common share of the Company at a price of $0.35 until January 22, 2010. The Company has paid finders' fees totaling $50,400 cash and has issued 169,050 finder's warrants, which are also exercisable at $0.35 until January 22, 2010. The financing proceeds will be used primarily for additional working capital at the Company's 100% owned Guanajuato and Topia Mines in Mexico. The Company advises shareholders that the apparent shortfall from the announced $2.7 million financing (GPR news release Dec. 10, 2008) is due to a timing issue. The intended principal investors in the originally-announced financing are establishing a new resource fund that was unable to complete its full registration in time to meet the Company's closing of its financing. Once the establishment of this fund has been fully completed, Great Panther will revisit the Company's needs for additional financing. The Company now has sufficient working capital to continue the profitable mining of its Guanajuato and Topia Mines. ON BEHALF OF THE BOARD Robert A. Archer, President & CEO |
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