Panthera Resources PLC (AIM:PAT) said it plans to raise about £1.06mln before expenses from existing and institutional investors via a placing and subscription and will use the proceeds to fund a drilling programme at its Bassala gold project in Mali.
The fundraising comprises of a placing of about 9.6mln new shares and a subscription of about 4.6mln new shares at 7.5 pence per share.
The shares closed at 8.75 pence in London yesterday.
The planned Bassala drilling programmes follow the "significant gold discovery in 2021", said the AIM-traded company.
"The drilling in 2021 was essentially 'geochemical drilling' and has only targeted the upper weathered zone and at a very broad line spacing of minimum 200m with holes generally 50m apart,” said managing director Mark Bolton.
“Many of the intercepts were at the end of drill holes, showing the mineralisation is open at depth and representing excellent targets for deeper drilling. In this respect, the numerous significant intercepts are considered to be highly encouraging.
“The drilling programme planned for 2Q 2022 will test this known mineralisation with deeper and closer spaced drilling, aimed at identifying zones of coherent mineralisation that may represent resource definition targets,” he said.