Pantoro Limited (ASX: PNR) reported the successful completion of an institutional placement, raising AU$30 million (pre-expenses) through the issuance of new fully paid ordinary shares (New Shares) at AU$0.06 per New Share. The proceeds, combined with existing funds, will bolster working capital for the Norseman Project (PNR 100%), cover unforeseen merger transaction costs, and facilitate exploration and offer expenses.
The placement involves 500 million New Shares, secured at a price of AU$0.06 each, representing a 14.3% discount to the closing price of AU$0.07 on August 4, 2023, and a 20.5% discount to the 5-day VWAP of AU$0.076 on the same date. The Placement is within the Company's capacity under ASX Listing Rule 7.1 and is slated for settlement on August 14, 2023, with the New Shares anticipated to be issued around August 15, 2023. The newly issued shares will hold equal standing with Pantoro's existing fully paid ordinary shares.
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