Pantoro sets sights on A$28.5m raise
PERTH (miningweekly.com) – ASX-listed Pantoro has completed the book-build for a A$28.5-million capital raise, which will support the ramp-up of the Norseman gold project as it ramps up to full production.
Pantoro will place 58-million shares, priced at 14.5c each, under the company’s existing placement capacity, and a further 138.6-million shares subject to shareholder approval at the company’s annual general meeting scheduled for November 28.
In addition to the share placement, the company will also undertake a non-underwritten share purchase plan (SPP) with the aim of raising up to a further A$5-million. Under the SPP, eligible shareholders will be given the opportunity to subscribe for up to A$30 000 of additional shares in the company, at the sale price as the placement.
The SPP will open on October 28 and will close on November 21.
Pantoro on Friday told shareholders that proceeds from the placement and the SPP, along with existing cash, will be used to support the Norseman project as it ramps up to full production, as well as to fund working capital.
The Norseman joint venture poured its first gold earlier this month.
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