Pantoro Ltd (ASX:PNR) has launched a share purchase plan (SPP) to raise $5 million aimed at funding exploration activities at the Norseman Gold Project in Western Australia.
Under the SPP, each eligible Pantoro shareholder can purchase up to $30,000 worth of shares irrespective of the size of their holdings and without incurring brokerage or transaction costs.
The offer opened on Friday, August 14, 2020, and will remain open for subscription until 5pm on August 26, 2020.
Total new funding up to $55 million
Earlier this month, Pantoro received firm commitments from sophisticated and professional investors for a placement of shares to raise about $50 million.
The total of funds raised from the placement and the SPP are intended to be used for:
- Mineral resource and ore reserve growth ($10 million);
- New greenfields exploration and extension to existing mining areas ($15 million);
- Project development works ($15 million); and
- Project flexibility and working capital ($15 million).
Scotia Mining Centre drilling
The initial focus of ongoing exploration and resource drilling at the Norseman Gold Project is planned for the following key areas:
- Expanded drilling program at Scotia Mining Centre to:
- Define extensions to the recently announced Panda discovery;
- Strike extensions to the Lady Eleanor and Scotia ore bodies; and
- Bring high-grade depth extensions into ore reserve status.
- Additional drilling at the Princess Royal Mining Centre where a number of historical workings (from the 1930s) remain untested with modern drilling.