Result of Capital Raise26 Jul 2024 07:18
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Pantheon Resources plc
Results of Fundraise and Retail Offer
Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company with a 100% working interest in the Kodiak and Ahpun projects located in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, today announces the results of the Fundraise and Retail Offer which was announced yesterday.
The Fundraise was heavily oversubscribed and the Company, having taken into account the strong support received from existing and new investors, decided to increase the size of the Fundraise, and when combined with the Retail Offer, raised gross proceeds of approximately $29 million before costs.
A total of 132,454,566 New Ordinary Shares have been placed and subscribed for pursuant to the Placing, Subscription and Retail Offer at a price of 17 pence per Ordinary Share (the "Issue Price"). Canaccord Genuity Limited ("Canaccord") and Zeus Capital Limited ("Zeus Capital") are acting as joint bookrunners in connection with the Placing (the "Joint Bookrunners" and each a "Bookrunner").
The additional funds raised in the Fundraise will be applied towards data acquisition such as collecting whole core, tests of multiple horizons and, in a success case, a possible long term production test at Megrez-1, as well as further development of the Company's asset portfolio and general corporate purposes.
A total of 22,380,254 new Ordinary Shares (the "Bond Prepayment Shares") will be issued to the holder of the Convertible Bond at the Issue Price pursuant to the Bond Prepayment of $4.9 million, which reduces the outstanding balance of the convertible bond from $24.5 million to $19.6 million. Additionally, the holder of the Convertible Bond supported the fundraising through participation in the Placing at the issue price.
The New Ordinary Shares and the Bond Prepayment Shares represent 13.9 per cent. of the issued voting Ordinary Share capital of the Company following the Fundraise, the Bond Prepayment and the Retail Offer.
Application will be made to London Stock Exchange plc for the New Ordinary Shares and the Bond Prepayment Shares to be admitted to trading on AIM ("Admission"). Subject, amongst other things, to the satisfaction or waiver of the conditions of the Placing Agreement, it is expected that Admission will take place and dealings in the New Ordinary Shares and the Bond Prepayment Shares will commence on AIM on or around 8.00 a.m. on 2 August 2024.
Immediately following Admission, the Company's issued share capital will be 1,115,754,480 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 1,115,754,480 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whethe