|
Panther Metals PLC on Thursday announced that it has raised gross £2.5 million through a ‘significantly oversubscribed’ placing. The Canada-focused mineral deposits exploration company said it issued the 1.9 million placing shares at 135 pence each, with ‘new and existing institutional investors and existing shareholders’. The placing was ‘significantly oversubscribed and subject to scale back,’ it added. Shares in Panther Metals were 2.9% higher at 144.10 pence in London on Thursday afternoon. Panther Metals said it will mainly use the net proceeds to support the expansion of the phase 1 diamond drilling programme at the Wishbone VMS Prospect on the Obonga Project in Ontario. The additional capital allocation will allow the mobilisation of a second diamond core drilling rig to accelerate and extend past the initial 2,000 metre drilling budget. Panther noted that as of the end of day shift on Wednesday, Wishbone’s first diamond core drill hole had attained a downhole depth of approximately 185 metres. It has also intersected six distinct zones of massive, semi-massive and iron-silicate dominated sulphide mineralisation, including 3.45 metres of pyrrhotite dominated massive sulphide. The company also said an allocation from the additional funds secured will allow it to advance the Winston Tailings Project by supporting additional phases of Extrakt metallurgical testwork and recovery plant design and plans. Furthermore, Panther Metals said the net proceeds will provide working capital to strengthen its balance sheet ahead of its planned dual listing on the Canadian Stock Exchange, and provide flexibility if the current drilling programme, or magnesium extraction testwork at Dotted Lake, generates positive results. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
