|
Panther Metals PLC - Canada-focused mineral exploration company - Gives update on financing arrangements. On November 20, agreed to issue in aggregate £300,000 in face value of 15% unsecured loan notes with a 12 month maturity, and warrants attached on a one-for-one basis with an exercise price of 3.3 pence each. The proceeds were meant to be used to fund Panther’s inaugural diamond drilling programme at the Manitou Lakes project in Ontario, Canada. However, as Panther Metals now explains, costs of the drilling programme came in below budget. Subsequently, it has only issued £150,000 in face value of the loan notes, which were subscribed for by existing shareholders. The remaining £150,000 has been cancelled by mutual agreement, and will not be drawn. Current stock price: 3.50 pence, up 4.5% 12-month change: down 25% Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
