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- Pantoro (PNR) receives firm commitments from existing shareholders and new institutional investors to raise $45 million via a placement at an issue price of 29 cents per share
- Under the placement, approximately 155 million ordinary shares will be issued, with the settlement of the shares expected to occur on March 21
- Pantoro says funds raised will be used for continued growth exploration at its flagship Norseman Gold Project, accelerating its PGE project exploration at the Halls Creek Project and for general working capital
- PNR shares are down 12.5 per cent, trading at 29.8 cents
Pantoro (PNR) has received firm commitments from existing shareholders and new institutional investors to raise $45 million via a placement at an issue price of 29 cents per share.
Under the placement, approximately 155 million ordinary shares will be issued, with the settlement of the shares expected to occur on March 21.
Pantoro said the funds raised will be used for the company’s continued growth exploration at its flagship Norseman Gold Project, supporting the early commencement of mining to underwrite ore supply to the new processing facility, accelerating PGE project exploration at the Halls Creek Project and for general working capital.
Project construction activities at Norseman have been progressing as expected and on schedule.
Managing Director Paul Cmrlec welcomed Pantoro’s new shareholders in its ASX announcement and reiterates that the “strong support…secures Pantor’s position, and allows for ongoing growth activities”.
Euroz Hartleys and Argonaut acted as Joint Lead Managers to the placement. Petra Capital acted as Co-Lead Manager.
PNR shares were down 12.5 per cent, trading at 29.8 cents a share at 12:45 pm AEDT.
