(Alliance News) - Panther Metals PLC said Thursday it intends to list its Australian assets on the ASX exchange in Sydney and will begin pre-IPO seed funding imminently.
Hertfordshire, England-based Panther Metals, which has three gold projects in Australia and two projects in Canada, has converted the status of its Australian subsidiary to Panther Metals Ltd. It stated that 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.
"The independent listing of Panther Australia not only provides the required capital to develop the assets in that business, but it also simultaneously gives a market value to our subsidiary," said Chief Executive Darren Hazelwood.
Panther Metals will continue to hold a significant stake in the Australian business following its ASX listing.
"The ASX listing will allow Panther to maintain a material investment in our Australian assets whilst raising new capital for them", said Hazelwood.
"I'm delighted with the foundation the proposed ASX transaction will give the business, providing cost-efficient exploration capital which works for the company and its shareholders, as we target future growth through exploration success and other innovative ways to expand Panther Metals PLC."
Shares in Panther Metals were up 4.4% at 12.00 pence in London on Thursday.
By Will Paige; willpaige@alliancenews.com
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Panther Metals (PALM)