Pantheon Resources PLC - Oil and gas company focused on developing the Ahpun and Kodiak fields, onshore US - Places around USD4.2 million worth of shares at a price of USD0.26 each, equivalent to 20.8 pence, to long-term investors to increase cash resources. Explains this will allow it to pay December and March convertible bond payments in cash. David Hobbs, executive chair is contributing USD250,000 of this sum. Plans update on corporate strategy on November 2nd & 3rd, 2023. David Hobbs says: "This gives us the breathing space to mature potential vendor and offtaker financing options during the coming weeks and months in order to meet our strategic objective of achieving cashflow self-sufficiency and to seek to minimize possible dilution of value for existing investors. My own commitment to purchase nearly 1 million more shares demonstrates my confidence in the company and its ability to achieve its goals."
Current stock price: 23.64 pence, up 13%
12-month change: down 67%
By Jeremy Cutler, Alliance News reporter
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Pantheon Res (PANR)