Panther Metals plc has raised £2.22 million through its first Canadian flow-through share offering to further its Obonga polymetal project in northwest Ontario, Canada.
The company issued 980,398 units, at a CAD$4.24 (£2.26) per FT unit, each of which comprises one ordinary share and half an ordinary share purchase warrant, allowing the holder to subscribe for one new ordinary share at £2.67 for a period of 36 months.
Net proceeds will mainly fund phase I diamond drilling of up to 39 holes into 2027 at the Wishbone volcanogenic massive sulphide prospect at Obonga.
Chief executive officer Darren Hazelwood said that the flow-through financing, first announced on 9 October, had established a new funding pathway for UK-listed exploration companies operating in Canada.
“This is a remarkable achievement for the company, demonstrating what can be accomplished through innovation, determination and a willingness to challenge established financing conventions.
“The benefits are clear: access to a highly attractive source of exploration capital for the company, enhanced funding efficiency for shareholders and tax advantages for eligible Canadian subscribers.”