Panther Metals plc raised £375,000 via a placing of 8,333,334 new ordinary shares at a discounted price of 4.5 pence per placing share in a bookbuild.
USES
The shares issue will represent approximately 8.2% of the company’s enlarged ordinary share capital following the placing.
The placing price of 4.5p per placing share is a 12.6% discount to the mid-market closing price of the company’s ordinary shares at close of business on 21 May 2024.
Each placing share has one warrant attached entitling the holder to subscribe for one new ordinary share at a price of 7.5 pence.
The warrants have a life of 36 months from the date of admission.
Following admission, Panther’s total issued share capital will comprise 101,155,641 ordinary shares, with voting rights. The company holds no ordinary shares in treasury.
Proceeds will go towards the company’s graphite and VMS exploration on the Obonga greenstone belt in Ontario and general working capital purposes.