Panther Metals plc has raised gross £1,190,000, before expenses, via a placing of 1.7 million ordinary shares of no par value, at a 6.67% discounted price of 70 pence per placing share.
TVRs
The company said that the placing received “substantial” backing from new and existing institutional investors and existing shareholders, was “significantly” oversubscribed and had to be reduced.
The placing shares represent approximately 24.3% of the Panther’s existing issued ordinary share capital of the company.
Panther noted that revision of the UK prospectus regime in January 2026 had increased the secondary issuance prospectus threshold from 20% to 75% of existing share capital.
Following admission, the company’s total issued share capital will comprise 8,683,986 ordinary shares, each with one vote.
USES
Net proceeds will go towards its assets in Ontario, Canada including diamond drilling the Wishbone prospect at Obonga and testwork for magnesium of drill core sample from Dotted Lake.
Panther will also use the funds to progress the Winston polymetal tailings project, dual listing in North America and for corporate working capital.