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Panther Metals raises £250,000 to continue work on across portfolio, acquires new claims next to Big Bear

Panther Metals has a broad portfolio of gold and base metals assets and a wide skillset with which to move them forward

Panther Metals PLC -

Panther Metals PLC (LON:PALM) has placed just over 3.8mln shares at 6.5p each to raise £250,000.

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.

Quick facts: Panther Metals PLC

Price: 11.6 GBX

LSE:PALM
Market: LSE
Market Cap: £6.12 m
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Panther Metals CEO says detailed study on Annaburroo gold project far...

Panther Metals (LON:PALM) CEO Darren Hazelwood talks Proactive through a detailed desktop review of its wholly-owned Annaburroo Gold Project in Australia's Northern Territory. He says the high-grade gold mineralisation seen at surface, along with historic trenching results, warrants extensive...

on 8/7/20

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