Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors that its convertible bond issue is set to be ‘upsized’ to $35 million, from $30.5 million.
Convertible bondholder Sun Hung Kai & Co, and its affiliates, have the right to increase the company's convertible bond issuance (and the option must be exercised by 5pm on 28 February).
Additional proceeds are to be earmarked for towards working capital, expenses, and general administrative costs.
"Today's announcement shortens the period of uncertainty about the total size of the Convertible Bond and allows us to fully focus on the start of flow testing in the Megrez-1 well,” Pantheon chair David Hobbs said.
The initial bond funding was announced earlier this month.