Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has announced a private share placing which will see the exploration company raise sufficient funds to meet a quarterly bond repayment, in cash.
The company noted that it would effectively be a “cash-neutral” pair of transactions and the dilution would be "materially similar" to paying the bondholder with shares.
"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,” executive chair David Hobbs said in a statement.
“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."
Some 11.9 million new shares are being issued at a price of 18.78p, a 10% discount to recent prices, to raise the equivalent of US$2.793 million to IPGL Limited, which is described as an existing supportive long-term shareholder.
The bond payment, due on 13 September, is for US$2.793 million.