Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) has successfully raised $29 million through a highly oversubscribed equity funding round, aimed at advancing its assets in Alaska.
Due to strong demand for shares, the company increased the funding round size from an initial minimum target of $18.5 million to $29 million.
Executive Chair David Hobbs stated, “We are reassured by the overwhelming demand in this fundraising, and we also value the strategic benefit of strengthening our position in ongoing funding and commercial negotiations.”
The company will now issue a total of 132.45 million new shares priced at 17p each, reflecting a discount of around 14%.
The equity raise was managed by Canaccord Genuity (TSX: CF, LSE: CF) and Zeus Capital. Pantheon directors, including Chief Executive Jay Cheatham and Chair David Hobbs, participated in the funding, collectively purchasing 1.39 million new shares.
Additionally, Pantheon’s bondholders will receive 22.38 million new shares as the company reduces its convertible bond balance from $24.5 million to $19.6 million.
This raise comes as Pantheon prepares for its next field season. “We are set to spud the Megrez-1 well on our Ahpun Eastern Topsets in Q4 this year and conduct extended testing on that well in a success case,” Hobbs said.
He added, “We believe Megrez-1 to be one of the most impactful wells in the company’s history, targeting a 609 million barrel resource in a high-quality sandstone reservoir, adjacent to pipeline and road infrastructure, and analogous to other fields on the Alaska North Slope currently under development.
“Success at Megrez-1 could be potentially game-changing for our company, and we look forward to sharing progress with shareholders in the coming weeks and months.”
Simultaneously, Pantheon is offering additional new shares to retail investors in the UK through the PrimaryBid platform, aiming to sell up to £2 million of equity at 17p per share. Investors participating in the PrimaryBid funding must make a minimum investment of £250.
