Panther Metals PLC - company focused on mineral exploration in Canada and Australia - Completes first stage of listing its Australian assets on the Australian Securities Exchange, following pre-IPO seed financing raising AUD300,000. As a result, interest in Panther Resources Ltd is reduced to 89% from 100%.
In mid-April, company said its Australian business is expected to raise a minimum of AUD5 million, around GBP2.8 million, in capital in the IPO and initial discussions have kicked off with potential brokers.
All future costs related to the Australian business will be funded by itself using new capital raised at local level, Panther Metals said. Panther Metals will continue to hold a significant stake in the Australian business following its ASX listing.
"We are very pleased to announce this first significant step in the process of seeking an ASX listing for Panther Australia. The pre-IPO fundraise was always expected to be step in the process which would validate the proposition and we are confident that the listing will now proceed to ultimate completion," Chief Executive Officer Darren Hazelwood says.
Current stock price: 12.04 pence
Year-to-date change: down 20%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Panther Metals (PALM)