20th Dec 2023 12:13
Panther Metals PLC - Canada-focused mineral exploration company - Gives update on financing arrangements. On November 20, agreed to issue in aggregate GBP300,000 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 GBP150,000 in face value of the loan notes, which were subscribed for by existing shareholders. The remaining GBP150,000 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%
By Holly Beveridge, Alliance News reporter
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