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Pantheon Resources PLC - oil & gas explorer with assets in Alaska and Texas - Raises USD41 million in new equity through "significantly oversubscribed" placing, subscription and retail offer. Pantheon issues 47.6 million shares at a price of 65 pence per each. Due to the oversubscribed offer, Pantheon increases the size of the fundraise to USD38 million. An extra USD3 million was raised through a retail offer. Proceeds will be used towards "further development of the company's asset portfolio, which could include additional drilling, testing and completion, and the strengthening of its balance sheet ahead of future farm-out and or financing negotiations". In addition, company says it intends to increase the principal amount of its convertible bonds to USD55 million from USD50 million.
Canaccord Genuity acts as adviser and sole bookrunner for the placing. Olivetree acts as UK placing agent.
Separately, on Tuesday, Pantheon reports a widened pretax loss in the financial year that ended June 30 of USD8.2 million, compared to USD3.8 million the year before. Bottom line hurt by rising administration costs, hitting USD5.0 million, up from USD3.7 million. The oil explorer did not generate revenue in either year.
Chief Executive Jay Cheatham comments: "Pantheon had a period of great achievement. We've advanced our asset position considerably and are greatly encouraged by our 2021 drilling. Subject to funding, we enter 2022 with great optimism."
Current stock price: 68.27 pence, down 10% on Wednesday
Year-to-date change: up 57%
By Will Paige; willpaige@alliancenews.com
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