REG - Pantheon Resources - Potential upsize of Convertible Bond to US$35m

Pantheon ResourcesAnnouncement

26/02/2025 07:15

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RNS Number : 5190Y  Pantheon Resources PLC  26 February 2025

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26 February 2025

 

Pantheon Resources plc

 

Potential upsize of Convertible Bond to US$35 million

 

Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and
gas exploration company with 100% working interests in certain projects
located adjacent to transportation and pipeline infrastructure on the Alaska
North Slope, announced on 20 February 2025 that it had agreed to issue between
US$30.5 million and US$35 million in aggregate principal amount of senior
convertible bonds due March 2028 (the "Convertible Bonds") to Sun Hung Kai
& Co. Limited and its affiliates, clients and funds managed or advised by
them (the "Convertible Bond Investor"), as the lead investor to the
Convertible Bonds.

 

Further to that announcement Pantheon has today granted the Convertible Bond
Investor the sole right to increase the aggregate amount of the Convertible
Bonds to US$35 million, exercisable prior to 5pm on 28 February 2025.  A
further announcement will be made should the Convertible Bond Investor make
this election or otherwise the sole right will be deemed to have automatically
lapsed.  All other terms of the Convertible Bonds as announced on 20 February
2025 remain unchanged. Any increased amount received under the Convertible
Bonds will be used for working capital, expenses and G&A.

 

David Hobbs, Chairman of Pantheon Resources, said:

 

"Today's announcement shortens the period of uncertainty about the total size
of the Convertible Bond and allows us to fully focus on the start of flow
testing in the Megrez-1 well."

 

 

Further information:

 

UK Corporate and Investor Relations Contact
Pantheon Resources plc

Justin Hondris

+44 20 7484 5361
contact@pantheonresources.com (about:blank)

 

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

 

USA Investor Relations Contact

MZ Group

Lucas Zimmerman, Ian Scargill

+1 949 259 4987
PTHRF@mzgroup.us (about:blank)

 IMPORTANT INFORMATION

This Announcement is released by Pantheon Resources plc and contains inside
information for the purposes of Article 7 of UK MAR. It is disclosed in
accordance with the Group's obligations under Article 17 of UK MAR.

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hyperlinks on the Company's website is incorporated in, or forms part of, this
Announcement.

 

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