Panther Metals PLC - Isle of Man-based company focused on mineral exploration in Canada and Australia - Completes capital raise for 5.3 million shares at 12 pence each, raises GBP630.0 million to fund its projects on Hemlo-Schreiber and Obonga greenstone belts in Ontario, Canada. Placing conducted by SI Capital Ltd. "This raise provides us with the capital required to proceed exactly as planned during this autumn," says Chief Executive Darren Hazelwood. "As we advance the business, the exploration processes required to make a discovery are now fully underway."
Each placing share holds a one-for-one warrant with exercise price of 18 pence and a 24 month life. Company notes: "Warrants are subject to an accelerator, shortening the exercise period, if the volume weighted overage price of the company's shares exceeds 30p for five consecutive trading days."
Placing price of 12 pence represents 7.7% discount to the middle market price at market close on Tuesday, equal with last UK Panther fundraise in April. Earlier this month, Australian subsidiary raises AUD300,000 to fund listing on Australian Securities Exchange.
Current stock price: 13.44 pence at London close on Wednesday
Year-to-date change: down 10%
By Josie O'Brien; josieobrien@alliancenews.com
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Panther Metals (PALM)