Pantoro completes bookbuild for A$75m raise
PERTH (miningweekly.com) – Gold miner Pantoro has completed the bookbuild for its A$75-million capital raise, announced this week.
The company said on Wednesday it had received firm commitments for an institutional placement, which will be undertaken in two tranches. The first tranche will consist of more than 266.8-million shares, priced at 6c each, and will be issued under the company’s existing placement capacity.
The second tranche will comprise 983.1-million shares and will be issued subject to shareholder approval at a general meeting held on or around March 24.
Shares under the first tranche will be settled on February 21.
Pantoro previously said that the proceeds from the placement would be used to support the final stages of ramp-up of the Norseman gold project, in Western Australia, to invest in exploration and ore reserve growth and to provide ongoing liquidity and working capital.
The company announced the capital raise last week, while also unveiling merger plans with its Norseman joint venture partner Tulla Resources.
Under the proposed merger, Tulla shareholders will receive 4.96 Pantoro shares for every Tulla share held, implying a 24.7% premium to the company’s last closing price. The merger will see Pantoro shareholders holding a 51.5% interest in the merged entity, with Tulla shareholders holding the remaining 48.5%.
The merged entity will have a targeted production of 110 000 oz/y and a mineral resource of 4.79-million ounces, along with an ore reserve of 0.98-million ounces.
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