(Alliance News) - Didcot, England-based exploration company Panther Metals PLC on Monday announced the raising of GBP250,000 through a placing, which will go towards accelerating progress on its portfolio.
Panther placed 3.8 million shares at 6.5 pence each, which collectively represents 7.6% of the company's share capital before the placing.
Following admission, the company's total issued share capital will consist of 54.2 million shares.
Panther Metals shares were up 16% at 7.64 pence each on Monday in London.
Panther Metals on Monday also announced the enlargement of the Big Bear project area, Canada, with the acquisition of an additional 19 mining claims following an airborne geophysics survey.
These include the southerly extension of the historical Schreiber Pyramid mine in the centre of the project area, where high grade gold bearing quartz veins were the focus of small scale mining in 1930s, and the historical Jedder Mine workings on the eastern side of the project area where gold bearing quartz veins were intermittently worked by open cut up to 15m deep between 1934 and1986.
Of the 19 mining claims, 11 were acquired on the basis of preliminary data from airborne geophysics survey data taken last month. Four claims covered a combine electromagnetic and magnetic anomaly in the centre of the project area and a further seven mining claims providing coverage of a magnetic anomaly in the east of the Big Bear Project area.
Chief Executive Darren Hazelwood said: "This strategic acquisition allows us to consolidate our position around the high grade, past producing, Schreiber Pyramid mine and extend our footprint to encompass the highly prospective Jedder Mine area.
"As we continue to piece together this previously fragmented, high grade property, I couldn't be more delighted with the technical team's progress as we advance the project rapidly towards a planned maiden drilling campaign."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Panther Metals (PALM)