Pantoro Limited entered into a Merger Implementation Deed with Tulla Resources

On 13th February, 2023, Pantoro Limited (ASX: PNR) announced that it has signed a binding Merger Implementation Deed with Tulla Resources Plc for an all-scrip merger via a scheme of arrangement. The merger will result in Pantoro acquiring Tulla and consolidating 100% ownership of the Norseman Gold Project, creating a mid-cap ASX-listed gold company with a target production of 110,000 oz per annum, a Mineral Resource of 4.79 Moz, and an Ore Reserve of 0.98 Moz. Pantoro's shareholders will own 51.5% and Tulla's shareholders will own 48.5% of Pantoro's ordinary shares.

The proposed merger between Tulla and Pantoro has been recommended by both companies' boards, and Tulla's majority shareholder. In conjunction to the merger, Pantoro is launching a two-tranche institutional placement of new shares to raise AU$75 million, with the proceeds going towards supporting the final stages of ramp-up of the Norseman Gold Project, exploration and Ore Reserve growth, liquidity, debt management, and transaction costs.

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