Panther Metals PLC - Canada-focused mineral and exploration company - Raises GBP200,000 through the issue of 17% unsecured convertible loan notes with a 12 month maturity and possible early conversion with warrants attached on a one-for-one basis at an exercise price of 5.5 pence each. The proceeds of the subscription will be used to fund the company's current working capital and capital expenditure requirements.
Chief Executive Officer Darren Hazelwood says: "This funding serves as the preface to an exciting autumn ahead, with a series of forthcoming developments poised to greatly advance the company's strategic focus on developing Canada's next VMS camp while continuing to retain tight control of our capital structure."
Current stock price: 3.00 pence, closed down 7.8% on Thursday
12-month change: down 43%
By Sophie Rose, Alliance News reporter
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Panther Metals (PALM)