Pantoro Ltd (ASX:PNR) has had its directors increase their stake in the company pursuant to a share purchase plan announced on 6 September 2018.
Last month, the company raised $13 million via the placement of shares at 20 cents each to professional and sophisticated investors.
The new funds will give Pantoro operational flexibility to efficiently execute its planned production growth and mine life extension activities.
READ: Pantoro eyes annualised production of 80,000 gold ounces in the first half of 2019
These activities are to include accelerated development activities at the newly-established Wagtail Underground Mine in Western Australia’s Halls Creek in the East Kimberley region.
Accelerating the gold efforts will help the company maximise early-production activities to exceed 80,000 ounces per annum next calendar year.
The resource at the project is 574,000 tonnes at 6.8 g/t gold for 126,000 ounces.
About $4 million will be directed to efforts at Wagtail.