Business
Private Placement
Private Placement.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n\n \n\n \nTHIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM, NOR IS IT TO BE TRANSMITTED OR DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n7 September 2023\n \nPantheon Resources plc\n \nPrivate Placement\n \nPantheon Resources plc (\"Pantheon\" or the \"Company\"), the AIM-quoted oil and gas company with 100% working interests, all on state (not federal) land, in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, today announces that it has agreed to a private placement of 11,905,370 new ordinary shares of the Company (the \"New Ordinary Shares\") at a price per New Ordinary Share of £0.1878 (equivalent to US$0.2346, being a 10% discount to the six day VWAP of the ordinary shares on AIM) for an aggregate subscription amount of US$2.793 million, to IPGL Limited (\"IPGL\"), an existing supportive long term shareholder of Pantheon (the \"Private Placement\").\n \nThe Company will pay the full quarterly bond repayment of $2.793 million due to the holder of the Company's outstanding convertible bonds on 13 September 2023, in cash. The funds raised in the Private Placement will be used to replenish such amount and accordingly the Private Placement will be cash-neutral for the Company and should result in materially similar dilution than would have been the case had the Company settled the bond repayment in shares. \n \nIt is expected that the New Ordinary Shares will be issued to IPGL on or around 29 September 2023. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM at 8.00 a.m. on such date.\n \nThe New Ordinary Shares will represent 1.3 per cent. of the outstanding issued ordinary share capital of the Company prior to the Private Placement.\n \nImmediately following Admission, the Company's issued share capital will be 919,111,769 Ordinary Shares, with each share carrying the right to one vote. The Company does not hold any Ordinary ...