REG - Pantheon Resources - Quarterly Repayment of Unsecured Convertible Bonds

Pantheon ResourcesAnnouncement

14/06/2022 10:45

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RNS Number : 8082O  Pantheon Resources PLC  14 June 2022

 

14 June 2022

 

Pantheon Resources plc

Quarterly Repayment of Unsecured Convertible Bonds

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and
gas company with a 100% working interest in all of its oil projects adjacent
and near to transportation and pipeline infrastructure on the Alaska North
Slope, announces that it has elected to pay (i) the quarterly principal
repayment of US$2.45 million and (ii) the interest payment of US$0.4655
million (collectively, the "Quarterly Repayment") in respect of its senior
unsecured convertible bonds due 2026 (the "Convertible Bonds"), through the
issuance of new shares. Pursuant to the terms of the Convertible Bond
agreement a total of 2,824,549 new ordinary shares (the "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 2,824,549 New Ordinary
Shares which is expected on 20(th) June 2022 ("Admission").

 

After settlement of the Quarterly Repayment, the principal remaining under
the Convertible Bond will be reduced by US$2.45 million to US$44.10
million.

The Company's enlarged issued share capital admitted to trading on AIM
immediately following Admission will consist of 767,705,537 ordinary shares.
The aforementioned figure of 767,705,537 ordinary shares may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, Pantheon under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

 

-Ends-

 

 Further information:

 Pantheon Resources plc
 Jay Cheatham, CEO                                                  +44 20 7484 5361
 Justin Hondris, Director, Finance and Corporate Development
 Canaccord Genuity plc (Nominated Adviser and broker)
 Henry Fitzgerald-O'Connor, James Asensio                           +44 20 7523 8000
 BlytheRay
 Tim Blythe, Megan Ray, Alice McLaren, Madeleine Gordon-Foxwell     +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 153,000 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.

 

For further information on Pantheon Resources plc, see the website
at: www.pantheonresources.com (http://www.pantheonresources.com)

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

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