Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has confirmed it now expects to raise £22mln of new capital in a quick oversubscribed share placing and a subsequent retail offer.
The Alaska oil explorer revealed it was seeking to raise funds after Tuesday’s market close, launching an accelerated bookbuild targeting a minimum of US$10.5mln, and this morning reported that the book closed successfully.
It is now issuing 104.17mln new shares at a price of 17p through the placing, and, a further share sale will now be executed through a retail offer on the PrimaryBid platform.
"I'm pleased the market has rewarded our efforts in maturing this significant asset on the North Slope,” chief executive Jay Cheatham said in a statement.
He noted: “The offering was materially oversubscribed, allowing Pantheon to raise approximately $22 million in a difficult market at a small discount to yesterday's close.
“In particular we are delighted to welcome to our shareholder list some well-known investing institutions; some for the first time and some as they return.
“The funds raised will be applied to a number of catalysts over the short to medum-term which we will discuss in detail in a webinar planned for June.”
Cheatham concluded: “We will also update the market on the recent reservoir analysis of the Alkaid #2 horizontal production test, preliminary work on the up-dip Theta West acreage awarded in last year's State lease sale and the ongoing work by SLB and NSAI."