Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has confirmed the closing of a previously announced US$35 million convertible bond.
The senior convertible bonds, to mature in March 2028, were issued to Sun Hung Kai & Co. Limited, its affiliates, clients, and funds.
Proceeds will repay a remaining principal balance ($12.25 million) on a prior bond, as well as support the flow testing of the Megrez-1 well, marketing activities as Pantheon seeks strategic investment and general corporate purposes.
Pantheon yesterday told investors it would begin the flow testing of the Megrez-1 well this week. Results from the testing are expected to trigger an upgrade to Pantheon’s already substantial resource base, it said.