Panthera Resources PLC (AIM:PAT) announced it has raised £500,000 of new capital, through a share placing and subscription under the company's existing authorities.
The company is issuing 3.5mln new shares through a placing and 6.5mln shares through subscription, with each share priced at 5p each.
“It is intended that the proceeds of the equity financing will be used towards meeting the company's working capital commitments,” Panthera said in a statement.
The funding was arranged by the company’s broker Allenby Capital which has ‘agreed to use its reasonable endeavours to procure subscribers for the new ordinary shares at the placing price. The financing has not been underwritten.