Panther Metals plc, the Canadian-focused mineral exploration company, has successfully completed a conditional placing of 910,000 ordinary shares, raising £455,000.
The shares were placed at 50 pence each, representing a 37.5 per cent discount to the company’s mid-market closing price on 17 January 2025. The terms will be a disappointment for investors who didn’t partake in the offer.
The funds will be used to advance the company’s Dotted Lake Project in Ontario, following promising results from their autumn 2024 drilling programme.
The project has already yielded significant findings, including the confirmation of a 1.2-kilometre-long gold trend and high-grade zinc/gold volcanogenic massive sulphide mineralisation in the first drillhole.
The company is currently awaiting assay results from four additional diamond drill holes, particularly those that intersected an ultramafic intrusive body which shows potential for nickel, cobalt, gold and Platinum Group Element mineralisation. The company said the new funding will enable Panther Metals to further develop this prospective project once all remaining drill core and soil sample assays are received.
However, the low amount raised during this fundraise would suggest the company could hit the market up again before long to fund further development of their project.
“Without doubt the exploration industry continues to face headwinds in the equity markets at a time when governments and majors are increasing options for explorers: an unprecedented situation,” said Darren Hazelwood, Chief Executive Officer of Panther.
“Global supply chains will begin to suffer within a relatively short timeframe driving capital back into explorers at sensible levels.”