Source: Sharecast
The AIM-traded firm said the new equity was issued at 21.15p per share.
Proceeds would be used to advance drilling at the Dubhe-1 appraisal well, progress development planning for the Ahpun project, support commercial activities around gas monetisation, and strengthen liquidity ahead of a targeted US listing by early 2026.
The raise included a $3m investment by the holder of Pantheon’s 2021 convertible bond.
In addition, the company agreed to prepay $4.9m in future amortisation payments on that bond by issuing nearly 17 million new shares.
Pantheon said it also redeemed $6.5m of its 2025 convertible bonds, with repayment made via the issue of 22.5 million new shares.
The newly issued shares would rank pari passu with existing shares and were expected to begin trading on AIM on or around 11 July, subject to admission becoming effective and finalisation of related conditions.
Pantheon said Michael Spencer and IPGL would hold more than 8% of the enlarged share capital following the share issue, with a regulatory disclosure expected once admission was complete.
The company confirmed it plans to drill Dubhe-1 in the near term and said it would host a webinar on 9 July to outline objectives and its operational plan.
A successful result would be followed by a lateral completion and long-term flow test, subject to available funding.
At 0959 BST, shares in Pantheon Resources were down 11.59% at 21.75p.
Reporting by Josh White for Sharecast.com.
