REG - Pantheon Resources - Issue of Equity and Total Voting Rights

Pantheon ResourcesAnnouncement

15/06/2023 16:00

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RNS Number : 8972C  Pantheon Resources PLC  15 June 2023

 

 

 

 

15 June 2023

 

 Pantheon Resources plc

Issue of Equity and Total Voting Rights

 

Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and
gas company with 100% working interest in all of its oil projects spanning c.
193,000 acres adjacent to transportation and pipeline infrastructure on the
Alaska North Slope, announces (i) an update in relation to the settlement of
the Fundraise announced on 16 May 2023 and (ii) the quarterly repayment of
unsecured bonds.

 

Completion of settlement of the Fundraise

 

Further to its announcement on 23 May 2023 in relation to the settlement of
the Fundraise announced on 16 May 2023, the Company can now confirm the
receipt of all outstanding Subscription monies. Accordingly, an application to
AIM has been made for the remaining 8,783,893 new Ordinary Shares relating to
the Fundraise to be admitted to trading on AIM (the "Second Fundraise
Admission"). It is expected that the Second Fundraise Admission will take
place and dealings will commence on AIM on or around 8.00 a.m. on 21 June
2023.

 

Quarterly Bond Repayment

 

Pantheon has elected to pay (i) the quarterly principal repayment of US$2.45
million and (ii) the interest payment of US$367,500 (collectively, the
"Quarterly Repayment") in respect of its senior unsecured convertible bonds
due 2026 (the "Convertible Bond"), through the issuance of new shares.
Pursuant to the terms of the Convertible Bond agreement a total of 15,172,320
new Ordinary Shares will be issued in settlement of this Quarterly Repayment.
Application has been made to AIM for the admission to trading of
the 15,172,320 new Ordinary Shares, which is also expected on 21 June 2023
(together with the Second Fundraise Admission, the "Admissions").

 

After settlement of the Quarterly Repayment, the principal remaining under
the Convertible Bond will be reduced by US$2.45 million to US$34.30
million.

Total Voting Rights

 

Immediately following the Admissions, the Company's issued share capital will
be 907,206,399 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 immediately following the Admissions of 907,206,399 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.

 

All defined and capitalised terms have the same meaning as set out in the
Company's announcement on 16 May 2023 at 16:59 p.m.

 

-ENDS-

 

Further information, please contact:

 

 Pantheon Resources plc                                       +44 20 7484 5361
 Jay Cheatham, CEO
 Justin Hondris, Director, Finance and Corporate Development

 Canaccord Genuity Limited (Nominated Adviser and broker)
 Henry Fitzgerald-O'Connor                                    +44 20 7523 8000

 James Asensio

 Gordon Hamilton

 BlytheRay
 Tim Blythe, Megan Ray, Matthew Bowld                         +44 20 7138 3204

 

Notes to Editors

Pantheon Resources plc is an AIM-listed Oil & Gas company focused on
several large projects located on the North Slope of Alaska ("ANS"),
onshore USA where it has a 100% working interest in 193,000 highly
prospective acres with potential for multi billion barrels of oil recoverable.
A major differentiator to other ANS projects is its close proximity to
transport and pipeline infrastructure which offers a significant competitive
advantage to Pantheon, allowing for materially lower capital costs and much
quicker development times. The Group's stated objective is to create material
value for its stakeholders through oil exploration, appraisal and development
activities in high impact, highly prospective conventional assets in the USA,
a highly established region for energy production with infrastructure, skilled
personnel and low sovereign risk. All operations are onshore USA, with
drilling costs materially below that of offshore wells.

 

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