Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has raised US$4.15 million to pay off its next two convertible bond calls while it negotiates offtake and vendor funding deals for its oilfield development programme in Alaska.
Shares were issued to long-term investors, including chairman David Hobbs, at US$0.255 (20.8p) each.
Hobbs said: "We are delighted to be able to announce steps to remove the perceived overhang of the next two convertible bond payments by placing the stock into the hands of long-term supportive shareholders.
"This gives us the breathing space to mature potential vendor and offtaker financing options during the coming weeks and months in order to meet our strategic objective of achieving cashflow self-sufficiency and to seek to minimize possible dilution of value for existing investors.
“My own commitment to purchase nearly 1 million more shares demonstrates my confidence in the company and its ability to achieve its goals."
Shareholder IPGL has agreed to subscribe for US$2.76 million worth of new shares, out of which Hobbs will buy shares worth US$250,000.
Pantheon added there is no significant impediment to its adding a US listing or re-listing in the US and it has started a programme of transition.