Great Panther Mining Limited made a voluntary assignment into bankruptcy under the Bankruptcy and Insolvency Act (Canada) following the Supreme Court of British Columbia granting an order terminating of its proceedings under Companies’ Creditors Arrangement Act (Canada).
Wealth Minerals Ltd. has arranged a non-brokered private placement offering of up to 2,631,579 units in the capital of the Company at a subscription price of $0.38 per Unit for gross proceeds of up to $1,000,000, each Unit consists of one common share and one common share purchase warrant, each Warrant entitles the holder thereof to purchase one common share in the capital of the Company at an exercise price of $0.48 per Warrant Share for a period of 24 months.
“The reduced production and lower metal prices have affected our results this quarter; however, we still maintain a healthy cash reserve of over $8.8million,” reported Robert Eadie, CEO of the Company.
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