Panther Metals plc is exploring a potential dual listing on the Canadian stock exchanges to benefit from an “advantageous tax environment for explorers” and North American investors’ interest.
FINANCING
The company owns the Dotted Lake gold project and holds an option to acquire 100% of the VMS-graphite-zinc Obonga project both located in the Schreiber-Hemlo greenstone belt, Ontario.
Before deciding on the listing, Panther has agreed to settle its outstanding debt facilities of £150,000 unsecured convertible loan notes, plus 15% interest, with 362,250 new ordinary shares with 362,250 warrants.
The shares will have an issue price 50p while the warrants have an exercise price of 75p.
Shareholders are due to vote on the shares issue at a forthcoming general meeting.
Chief executive Darren Hazelwood said: “Against the backdrop of the current difficult equity markets, Panther runs the real risk of a low-ball takeover offer as the mining industry continues to engage and acknowledge the prospectivity of both the Dotted Lake and Obonga projects.
“Attaining a dual listing on the Canadian stock exchange would streamline Panther’s access to the advantages of Canada’s resource development promoting and critical mineral focused tax regime.
“Flow-through share financing provides the means for exploration to flourish in Canada and contributes nearly 70% of the funds raised on Canadian stock exchanges.”