Panther Metals Limited, the Australian subsidiary of Panther Metals PLC (LSE:PALM) is expected to list on the Australian Securities Exchange on the 10 December 2021, following an initial public offering to raise A$5mln.
The fundraise is being supported by Sanlam Private Wealth Pty Ltd and Kerr Allan Financial Pty Ltd as joint lead managers.
As a result of this fundraise Panther Metals PLC (LSE:PALM) will be diluted to 36.6% of Panther Metals Limited.
"Providing the working capital to develop the exciting portfolio held in Australia by Panther Metals Limited is the key aim of the process to listing the business on the ASX,” said Darren Hazelwood, chief executive of Panther Metals PLC.
“Achieving this goal is now within sight. The world class expertise and network provided by the board in Australia gives Panther Metals PLC a great foundation for building value via its equity stake in the ASX listed vehicle at no extra capital cost to its shareholders.”
Panther Metals Limited will be focused on mineral exploration in Western Australia and the Northern Territory, in particular Merolia, Red Flag, Coglia, Annaburroo and Marrakai.