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Great Panther Silver Limited (GPR)
Market: CDN Consolidated
$ 0.86
Dec 19, 2014, 4:53 AM EST
Change: 0.12 (16.22%)
Volume: 183,000
Day Low
0.74
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0.87

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 5, 2005) - GREAT PANTHER RESOURCES LIMITED (TSX VENTURE:GPR) (the "Company") is pleased to report that the Company has closed the second and final tranche of its brokered private placement with Union Securities Ltd. announced on July 20, 2005 and September 14, 2005. The Company issued an additional 4,295,000 units at $0.45 per unit for additional gross proceeds of $1,932,750. Each unit comprises one common share and one-half of one transferable Series H share purchase warrant. Each full Series H share purchase warrant entitles the holder to acquire, upon exercise, one further common share of the Company until October 4, 2006 at a price of $0.62.

In connection with the second tranche, the Company paid a cash commission of $40,185, a cash finder's fee of $109,755, and granted 416,500 Agent's Compensation Options. Each Agent's Compensation Option entitles the holder to purchase one unit comprising one common share and one-half of one non-transferable Agent's Warrant, at $0.45 per unit, until October 4, 2006. Each full Agent's Warrant entitles the holder to acquire, upon exercise, one further common share of the Company until October 4, 2006 at a price of $0.62.

All securities issued and issuable under the second tranche of this private placement are subject to hold periods expiring on February 5, 2006. Together with the closing of the first tranche announced on September 14, 2005, the Company has raised a total of $5,563,350 in this brokered private placement.

On Monday October 3, 2005 the Company announced that it had commenced mining at its Topia Silver-Lead-Zinc Mine in Durango, Mexico. The above placement will facilitate the planned increase in production towards the fully rated plant capacity of 200 tonnes per day. Also included in the use of proceeds is the delineation of a new, NI43-101 compliant resource base for the mine. This will be established in conjunction with the underground development and the Company intends to outline a minimum of a 3 year reserve base, which would be replaced on an ongoing basis.

ON BEHALF OF THE BOARD

Robert A. Archer, P.Geo., President and CEO

SEC 20-F Statement Filed

Standard & Poor's Listed


FOR FURTHER INFORMATION PLEASE CONTACT:

Great Panther Resources Limited
Brad Aelicks

(604) 685-6465





Great Panther Resources Limited
Don Mosher

(604) 685-6465
(604) 685-9744 (FAX)
info@greatpanther.com
www.greatpanther.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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