Pantoro Limited (ASX:PNR) (FRA:RKN) has increased its share purchase plan (SPP) to $5.5 million from the initial target of $5 million after receiving strong interest from its shareholders.
The SPP, which closed on 26 August 2020, received valid applications totalling around $7 million.
Scale-back of applications
The company said it will scale back the applications to a total of $5.5 million.
This will see shareholders receiving about 80.6% of the shares they had applied for.
The new fully paid ordinary shares under the SPP are expected to be issued on September 2 2020 at an issue price of 24 cents each.
Placement of $50 million
Earlier in August, Pantoro received firm commitments from sophisticated and professional investors for a shares placement to raise about $50 million.
The total of funds raised from the placement and the SPP will go towards:
➢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).