Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it has elected to make its next quarterly bond repayment with an issue of new shares.
The payment totals $2.744 million, $2.45 million of principal and $294,000 interest, which see some 8.82 million new shares being issued. Subsequently, the bond debt will stand at $26.95 million.
"Having paid the last two quarterly convertible bond repayments in cash rather than stock, funded by private placements to supportive long-term shareholders, we have decided to satisfy the March 2024 quarterly instalment in shares," chief executive David Hobbs said in a statement.
Hobbs told investors that the decision allows the company to free up funds to support the acquisition of 66,240 new acres in Alaska.
“As already announced, the new acres are covered by our proprietary 3D seismic, add enormous resource potential, and are contiguous and adjacent to Pantheon's existing acreage and will be covered in Netherland Sewell's ongoing work on Kodiak and Ahpun,” Hobbs added.
“It was important to secure these extensions to our existing Kodiak and Ahpun projects both to protect project timelines to the extent possible and to utilise the competitive advantage of that proprietary seismic before the scheduled public release of key tranches of the seismic data."