02:03 PM EST, 11/21/2025 (MT Newswires) -- Panoro Minerals ( POROF ) , down nearly 12% on last look and near a 52-week low, closed the first tranche of a private placement of share units, raising $2.9 million.

The company issued 7.3-million units priced at $0.40 each, under the listed issuer financing exemption. Each unit consists of a share and a three-year warrant to buy a share at $0.60.

The final tranche is expected to close about Nov. 28.

Proceeds will be used to complete an updated preliminary economic assessment for the Cotabambas project in southern Peru.

Panoro shares were last down $0.04 to $0.30 on the TSX Venture Exchange.

Price: 0.30, Change: -0.04, Percent Change: -11.76