RNS7 Sep 2023 07:07
Private Placement
Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas company with 100% working interests, all on state (not federal) land, in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, today announces that it has agreed to a private placement of 11,905,370 new ordinary shares of the Company (the "New Ordinary Shares") at a price per New Ordinary Share of £0.1878 (equivalent to US$0.2346, being a 10% discount to the six day VWAP of the ordinary shares on AIM) for an aggregate subscription amount of US$2.793 million, to IPGL Limited ("IPGL"), an existing supportive long term shareholder of Pantheon (the "Private Placement").
The Company will pay the full quarterly bond repayment of $2.793 million due to the holder of the Company's outstanding convertible bonds on 13 September 2023, in cash. The funds raised in the Private Placement will be used to replenish such amount and accordingly the Private Placement will be cash-neutral for the Company and should result in materially similar dilution than would have been the case had the Company settled the bond repayment in shares.
It is expected that the New Ordinary Shares will be issued to IPGL on or around 29 September 2023. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM at 8.00 a.m. on such date.
The New Ordinary Shares will represent 1.3 per cent. of the outstanding issued ordinary share capital of the Company prior to the Private Placement.
Immediately following Admission, the Company's issued share capital will be 919,111,769 Ordinary Shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure immediately following Admission, of 919,111,769 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
David Hobbs, Executive Chairman of Pantheon Resources, said:
"We are pleased to have placed these shares in the hands of an already significant, long-term shareholder that is supportive of Pantheon's corporate strategy for delivering sustainable market recognition of $5-$10 per barrel of recoverable resources. We look forward to sharing more detail on our contingent resource estimates in the forthcoming webinar, and reporting on the re-entry of Alkaid-2 to gather key development planning data, scheduled to occur within the next two months."
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