Pantheon Resources PLC Announces Quarterly Repayment of Bonds and Private Placement
Pantheon Resources has issued 9,108,756 new ordinary shares through a private placement at US$0.2878 per share, raising US$2.622 million. The funds will be used to settle the quarterly principal repayment of US$2.45 million and interest payment of US$0.1715 million for convertible bonds due June 2026. The placement price represents a 10% discount to the 10-day VWAP up to November 18, 2024. After the repayment, the remaining principal under the Convertible Bond will be reduced to US$14.7 million. The timing of this placement is strategic to avoid potential conflicts with the Megrez-1 well drilling period.
Pantheon Resources ha emesso 9.108.756 nuove azioni ordinarie tramite un collocamento privato a US$0,2878 per azione, raccogliendo US$2,622 milioni. I fondi saranno utilizzati per saldare il pagamento del capitale trimestrale di US$2,45 milioni e il pagamento degli interessi di US$0,1715 milioni per obbligazioni convertibili in scadenza a giugno 2026. Il prezzo di collocamento rappresenta uno sconto del 10% rispetto al VWAP di 10 giorni fino al 18 novembre 2024. Dopo il rimborso, il capitale residuo sotto l'Obbligazione Convertibile sarà ridotto a US$14,7 milioni. Il tempismo di questo collocamento è strategico per evitare potenziali conflitti con il periodo di perforazione del pozzo Megrez-1.
Pantheon Resources ha emitido 9,108,756 nuevas acciones ordinarias a través de una colocación privada a US$0.2878 por acción, recaudando US$2.622 millones. Los fondos se utilizarán para cubrir el pago trimestral de capital de US$2.45 millones y el pago de intereses de US$0.1715 millones por bonos convertibles que vencen en junio de 2026. El precio de colocación representa un descuento del 10% respecto al VWAP de 10 días hasta el 18 de noviembre de 2024. Después del reembolso, el capital restante bajo el Bono Convertible se reducirá a US$14.7 millones. El momento de esta colocación es estratégico para evitar posibles conflictos con el período de perforación del pozo Megrez-1.
팬테온 리소스는 사모 배정을 통해 주식 9,108,756주를 주당 0.2878달러에 발행하여 262만2,000달러를 모집했습니다. 이 자금은 2026년 6월 만기인 전환사채의 분기 원금 상환액 245만 달러와 이자 지급액 17만1,500달러를 정산하는 데 사용됩니다. 발행 가격은 2024년 11월 18일 기준 10일 VWAP에 비해 10% 할인된 가격입니다. 상환 후 전환사채의 잔여 원금은 1,470만 달러로 줄어듭니다. 이번 배정의 시기는 메그레즈-1 우물 시추 기간과의 잠재적 갈등을 피하기 위한 전략적 결정입니다.
Pantheon Resources a émis 9 108 756 nouvelles actions ordinaires par le biais d'un placement privé à 0,2878 USD par action, levant ainsi 2,622 millions USD. Les fonds seront utilisés pour régler le remboursement trimestriel du principal de 2,45 millions USD et le paiement d'intérêts de 171 500 USD pour les obligations convertibles arrivant à échéance en juin 2026. Le prix de placement représente une remise de 10 % par rapport au VWAP sur 10 jours jusqu'au 18 novembre 2024. Après le remboursement, le capital restant sous l'Obligation Convertible sera réduit à 14,7 millions USD. Le moment de ce placement est stratégique pour éviter d'éventuels conflits avec la période de forage du puits Megrez-1.
Pantheon Resources hat 9.108.756 neue Stammaktien über eine Privatplatzierung zu je 0,2878 US-Dollar ausgegeben und damit 2,622 Millionen US-Dollar gesammelt. Die Mittel werden verwendet, um die vierteljährliche Rückzahlung des Kapitals von 2,45 Millionen US-Dollar sowie die Zinszahlung von 171.500 US-Dollar für die am Juni 2026 fälligen Wandelanleihen zu begleichen. Der Platzierungspreis liegt 10% unter dem 10-Tage-VWAP bis zum 18. November 2024. Nach der Rückzahlung wird der verbleibende Kapitalbetrag der Wandelanleihe auf 14,7 Millionen US-Dollar gesenkt. Der Zeitpunkt dieser Platzierung ist strategisch, um mögliche Konflikte mit dem Bohrzeitraum des Megrez-1-Brunnens zu vermeiden.
- Successful reduction of convertible bond principal by US$2.45 million to US$14.7 million
- Cash-neutral transaction maintaining company's liquidity
- Share dilution through issuance of 9.1 million new shares
- Shares issued at 10% discount to market price
LONDON, UNITED KINGDOM / ACCESSWIRE / November 19, 2024 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, announces that it has issued 9,108,756 new ordinary shares (the "New Ordinary Shares") in the Company via a private placement with the convertible bondholders (the "Private Placement") at an issue price of US
The Issue Price represents a 10 per cent. discount to the 10-day VWAP of the ordinary shares up to and including 18 November 2024 (being the latest practicable date prior to the release of this Announcement).
The total proceeds will be used to settle, in cash, (i) the quarterly principal repayment of US
After settlement of the Quarterly Repayment, the principal remaining under the Convertible Bond will be reduced by US
Rationale for Private Placement
The rationale for the Private Placement is to avoid a situation where Pantheon is potentially unable to elect to issue shares as settlement for the Quarterly Repayment due to being in a closed period in relation to the drilling of the Megrez-1 well. It is possible that the Megrez-1 well could be receiving potentially price sensitive information at the time that the Quarterly Repayment decision is made, and to avoid this situation the Company is electing to issue the New Ordinary Shares now, with the proceeds to be applied towards the settlement for the December Quarterly Repayment.
Admission and Total Voting Rights
Application is being made to the London Stock Exchange plc for the New Ordinary Shares to be admitted to trading on AIM. It is expected that admission will become effective and that dealings in the New Ordinary Shares on AIM will commence at 8:00 a.m. on or around 22 November 2024 ("Admission").
Immediately following Admission, the Company's enlarged issued share capital admitted to trading on AIM will consist of 1,139,369,391 ordinary shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure of 1,139,369,391 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
David Hobbs, Executive Chairman of Pantheon Resources, said: "Thiswas a prudent decision from a governance point of view, made at a time well before Megrez-1 reaches any targeted horizons. At the current time the well has set surface casing and drilling will commence once all safety protocols have been completed."
For further information, please contact:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
U.S. Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
AboutPantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of
A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
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SOURCE: Pantheon Resources PLC
View the original press release on accesswire.com
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