Great Panther Mining Limited (TSX:GPR) (NYSE-A:GPL) announces the closing of the bought deal financing announced on May 13, 2020. Aggregate gross proceeds totaled US$16.1 million, pursuant to which the Company issued 40,250,000 common shares at a price of US$0.40 per share.

The Offering was led by Cantor Fitzgerald Canada Corporation and BMO Nesbitt Burns Inc. as co-lead underwriters and joint book-runners, on behalf of themselves and a syndicate of underwriters, including H.C. Wainwright & Co., LLC as lead manager, and Roth Capital Partners, LLC as manager.  The Underwriters fully exercised their over-allotment option to purchase 5,250,000 common shares and received a cash commission equal to 6% of the gross proceeds of the Offering.

Great Panther intends to use the net proceeds of the Offering for near mine and regional exploration programs at the Tucano Gold Mine, improvement of the Company’s working capital balances and general corporate purposes.

Great Panther President and CEO Rob Henderson stated, “This financing provides additional balance sheet strength to deliver our 2020 objectives and allows us to advance the exploration programs underway at Tucano, where we have 55,000 metres of drilling planned for 2020.  We thank all of you who participated in the financing for your ongoing support.”

The Offering was made by way of a prospectus supplement dated May 14, 2020 to the Company’s existing Canadian short form base shelf prospectus and U.S. registration statement on Form F-10, as amended (File No. 333-231830), each dated July 2, 2019. The Registration Statement was declared effective by the United States Securities and Exchange Commission on July 5, 2019. The Prospectus Supplement has been filed with the securities commissions in each of the provinces of Canada (other than Québec) and the SEC. The Canadian Prospectus Supplement (together with the related Canadian Base Shelf Prospectus) is available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com. The U.S. Prospectus Supplement (together with the related U.S. Base Shelf Prospectus) is available on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon by the accuracy or adequacy of the Prospectus Supplement, the Base Shelf Prospectus or the Registration Statement.

ABOUT GREAT PANTHER

Great Panther Mining Limited is a Vancouver-based intermediate gold and silver mining and exploration company.  Great Panther’s operations include the Tucano Gold Mine in Brazil, and the Topia Mine and Guanajuato Mine Complex, comprising the San Ignacio and Guanajuato mines, in Mexico. It also owns the Coricancha Mine in Peru which is currently on care and maintenance.