Hudbay Minerals has announced it has acquired just over 10 million common shares of Panoro Minerals at a purchase price of 28 cents per share for total consideration of just over 2.8 million dollars. The shares acquired by Hudbay represent approximately 4.9 percent of the issued outstanding shares.
As a result of this investment Hudbay now owns and has control over 22.9 million shares representing approximately 11.2 percent of the issued and outstanding shares. They report the acquisition of the shares is being made for investment purposes.
Panoro Minerals is a Canadian mineral exploration company with a strategic focus on exploring and advancing its significant portfolio of large potential copper and copper-gold deposits in Peru. They own 13 copper and gold properties in southern Peru as well as one polymetalic project in the northwest.