0001279569-20-000135.txt : 20200204 0001279569-20-000135.hdr.sgml : 20200204 20200204084651 ACCESSION NUMBER: 0001279569-20-000135 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20200204 FILED AS OF DATE: 20200204 DATE AS OF CHANGE: 20200204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREAT PANTHER MINING Ltd CENTRAL INDEX KEY: 0001300050 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35043 FILM NUMBER: 20570780 BUSINESS ADDRESS: STREET 1: 1330 200 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1S4 BUSINESS PHONE: 604-608-1766 MAIL ADDRESS: STREET 1: 1330 200 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1S4 FORMER COMPANY: FORMER CONFORMED NAME: Great Panther Silver Ltd DATE OF NAME CHANGE: 20120709 FORMER COMPANY: FORMER CONFORMED NAME: Great Panther Silver LTD DATE OF NAME CHANGE: 20100112 FORMER COMPANY: FORMER CONFORMED NAME: Great Panther Resources LTD DATE OF NAME CHANGE: 20040809 6-K 1 greatpanther6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


 

FORM 6-K


 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934


 

For the month of February 2020

 

Commission File Number: 001-35043

 

 

GREAT PANTHER MINING LIMITED

(Translation of registrant's name into English)


 

1330 – 200 Granville Street

Vancouver, British Columbia, V6C 1S4, Canada

(Address of principal executive offices)


 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

[  ] Form 20-F     [X] Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

 


 

 

 
 

 

INCORPORATION BY REFERENCE

Exhibits 99.1 to this report on Form 6-K furnished to the SEC is expressly incorporated by reference into the Registration Statement on Form F-10 of Great Panther Mining Limited (File No. 333-231830), as amended and supplemented.

 

 

SUBMITTED HEREWITH

Exhibits

 

99.1 News Release dated February 4, 2020 - Great Panther Receives US$11.25 Million Prepayment, Sets $1,500/oz Gold Floor Price and Locks in a Weakened Brazilian Real

 

 

 

 


 

 
 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

GREAT PANTHER MINING LIMITED  
   
   
/s/ Jim A. Zadra                                                                               
Jim A. Zadra  
Chief Financial Officer & Corporate Secretary  
   

 

Date: February 4, 2020

 

EX-99.1 2 ex991.htm NEWS RELEASE DATED FEBRUARY 4, 2020

Exhibit 99.1

 

 
TSX: GPR  |  NYSE American: GPL
 

 

NEWS RELEASE

 

 

February 4, 2020 - For Immediate Release

 

Great Panther Receives US$11.25 Million Prepayment, Sets $1,500/oz Gold Floor Price and Locks in a Weakened Brazilian Real

 

GREAT PANTHER MINING LIMITED (NYSE American: GPL; TSX: GPR) (“Great Panther”, the “Company”) announces that it has fulfilled all conditions precedent in the gold doré prepayment agreement with Samsung C&T U.K. Ltd. (“Samsung”) that was previously announced on January 6, 2020 and received the US$11.25 million prepayment on February 3, 2020.

 

Concurrent with strengthening its liquidity through US$21 million in new capital from the IXM Group and Samsung, Great Panther has taken the additional step to protect margins from gold price fluctuations by establishing a limited gold floor price through the purchase of financial put options. In addition, the Company has established a forward purchase position in the Brazilian real (“BRL”) taking advantage of recent weakness that saw the BRL reach historic lows to the US dollar (“USD”).

 

Great Panther has purchased put options on 45,000 gold ounces that mature from March through to the end of June 2020 at an average cost of US$9.33 per ounce of gold. The options ensure a minimum sale price of $1,500 per ounce of gold for the majority of the Tucano Mine’s production during the noted timeframe, without limiting any upside from rising gold prices.

 

On January 31, 2020, Great Panther’s non-deliverable forward foreign exchange contracts for BRL against the USD totalled approximately BRL 506 million (US$120 million), with pre-determined exchange rates ranging from BRL 4.11 to BRL 4.32 against the USD through the remainder of 2020. This compares to BRL 355 million at rates ranging from BRL 3.99 to BRL 4.18 as reported on September 30, 2019. This represents the majority of the Company’s BRL-denominated expenses for the balance of 2020.

 

“With the recent weakening of the Brazilian real, and gold prices reaching multi-year highs, we are taking the opportunity to increase certainty of cash flow in 2020,” stated Jeffrey Mason, Interim President and CEO. “Importantly, our business will continue to fully benefit from rising gold prices, while limiting downside at minimal cost. Together with the closing of the Samsung facility, our financial position continues to strengthen.”

 

 

ABOUT GREAT PANTHER

 

Great Panther Mining Limited is an intermediate gold and silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL. Great Panther operates three mines including the Tucano Gold Mine in Brazil, and two primary silver mines in Mexico: the Guanajuato Mine Complex and the Topia Mine. Great Panther also owns the Coricancha Mine project in Peru.

 

 
  

 

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

 

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, “forward-looking statements”). Such forward-looking statements may include, but are not limited to, statements regarding the terms and conditions of the prepayment agreement, and the Company’s ability to repay the proceeds of the prepayment agreement.

 

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political and social risks involving Great Panther’s operations in a foreign jurisdiction, the potential for unexpected costs and expenses, fluctuations in metal prices, fluctuations in currency exchange rates, physical risks inherent in mining operations, operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined, and other risks and uncertainties, including those described in respect of Great Panther, in its annual information form for the year ended December 31, 2018 and material change reports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.

 

There is no assurance that such forward looking statements will prove accurate; results may vary materially from such forward-looking statements; and there is no assurance that the Company will be able to identify and acquire additional projects or that any projects acquired will be successfully developed. Readers are cautioned not to place undue reliance on forward looking statements. The Company has no intention to update forward looking statements except as required by law.

 

For more information, please contact:

 

David Wiens, CFA

VP, Corporate Finance & Treasury

 

Toll free:   1 888 355 1766
Tel: +1 604 638 8956
dwiens@greatpanther.com
www.greatpanther.com

 

 

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com2 
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