Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has announced a $16.25 million equity raise, with proceeds set to fund the planned Dubhe-1 appraisal well on Alaska’s North Slope.
A placing and subscription are price the new shares at 21.15p each.
A portion of the funds will also be used to support the Ahpun development planning, gas monetisation activities and preparing a US stock exchange listing by late 2025 or early 2026.
“This placement strengthens our hand in discussions around gas commercialisation and in dealings with other potential field development project stakeholders,” executive chair David Hobbs said.
“We now have a clear timetable for drilling of the Dubhe-1 well without risking operational commitments in excess of our financial resources.
Hobbs added: "We made the decision to accept a reasonably priced offer of funding with an eye to our longer-term opportunity set and are grateful to investors for presenting this option to the company."