The company will use the money to continue work on the 100%-owned Big Bear project in Ontario, Canada and the 100% owned Marrakai and Annaburroo projects in the Northern Territory, Australia.
The placing shares approximately 7.63% of Panther's share capital.
The placing price represents a discount of 3.7% to the middle market price at the time at which Panther and its broker SI Capital Ltd agreed the raise.
Additionally, the company has acquired an additional 19 mining claims adjacent to Big Bear. Panther spent C$30,000 in total, although it also staked some claims itself.
"This strategic acquisition allows us to consolidate our position around the high grade, past producing, Schreiber Pyramid mine and extend our footprint to encompass the highly prospective Jedder Mine area,” said Panther chief executive Darren Hazelwood.
“As we continue to piece together this previously fragmented, high grade property, I couldn't be more delighted with the technical team's progress as we advance the project rapidly towards a planned maiden drilling campaign.”
Field operations will resume today, he added, so the newsflow shouldn’t be long in coming.