Business
Result of Placing
Result of Placing.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4758R Pantheon Resources PLC 09 March 2016 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. \n \nFURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF PANTHEON RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. \n \n9 March 2016\nPantheon Resources plc\n \nResults of Increased Placing\n \nPantheon Resources plc (\"Pantheon\" or the \"Company\"), the AIM-quoted oil and gas exploration and production company with a 50% working interest in several projects in Tyler and Polk Counties, East Texas, is pleased to announce the successful completion of the placing as previously announced on 8 March 2016 (the \"Placing\").\n \nFollowing strong demand, a total of 18,354,293 new Ordinary Shares in Pantheon (the \"Placing Shares\") were placed, raising gross proceeds of US$30 million at a price of 115 pence per Placing Share. The Placing Shares being issued represent, in aggregate, approximately 8.5 per cent. of Pantheon's issued ordinary share capital immediately following Admission. The Placing Shares will, when issued, be credited as fully paid and rank pari passu with the existing Ordinary Shares, including the right to receive all future dividends and distributions declared, made or paid.\n \nThe proceeds of the increased placing will be used for additional drilling and the acquisition of new acreage.\n \n \nJay Cheatham, CEO of Pantheon, stated: \n \n\"The successful completion of our substantially oversubscribed placing to raise US$30 million is an exceptional achievement. I always maintained that Pantheon's projects were the most exciting in my career. With this placing and the support from existing and new institutional shareholders we have derisked the Company and have the funding to accelerate the pace of development and exploitation drilling across our acreage position, taking advantage of a low cost environment....