REG - Panther Metals PLC - Conditional Placing to raise £455,000

Panther MetalsAnnouncement

20/01/2025 07:00

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RNS Number : 9263T  Panther Metals PLC  20 January 2025

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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

20 January 2025

Conditional Placing to raise £455,000

Panther Metals plc (LSE:PALM) the company focused on mineral exploration
in Canada, announces the completion of a conditional placing, confirming it
has placed  910,000 ordinary shares of no par value (the "Placing Shares") at
a price of 50 pence per Placing Share (the "Placing Price") in a placing
(the "Placing"), raising gross proceeds of £455,000. The Placing is subject
to the publication of a prospectus and applications will been made to
the Financial Conduct Authority for admission of the Placing Shares to the
equity shares (transition) category (under Chapter 22 of the UK listing rules
made by the FCA under section 73A of FSMA ("UKLRs")) and to the London Stock
Exchange (the "LSE") for admission to trading of the Placing Shares on the
LSE's Main Market for listed securities (together "Admission"). It is expected
that the prospectus will be published in mid-February 2025 and Admission will
take place shortly thereafter. The Company will make further announcements in
due course.

Each Placing Share will be issued with one warrant attached entitling the
holder to subscribe for one new ordinary share at a price of 75 pence (the
"Warrants"). The Warrants have a life of 36 months from the date of Admission.

The Placing Shares being issued will represent approximately 17.63% of the
Company's enlarged Ordinary Share capital following the Placing.

The Placing Price represents a 37.5% discount to the mid-market closing price
of the Company's shares on 17 January 2025, the date of the arrangement of the
Placing.

SI Capital Limited acted as sole placing agent in respect of the Placing.

When issued, the Placing Shares will be credited as fully paid and will
rank pari passu in all respects with the existing Ordinary Shares in the
share capital of the Company, including the right to receive all dividends and
other distributions declared, made, or paid on or in respect of such shares
after the date of issue of the Placing Shares.

Use of the Placing Proceeds

Panther Metals has advanced the Dotted Lake Project (the "Project") in Ontario
via the successful drilling programme conducted in the autumn of 2024, for
which the assay results of a further four diamond drill holes are currently
awaited.

The assay results for the first drillhole, DL24-001, returned highly anomalous
gold, silver, zinc and base metal assays which confirmed a 1.2km long
open-ended gold trend and the intersection of high grade zinc/gold
volcanogenic massive sulphide ("      VMS") style mineralisation(1). The
assay results awaited include the samples from the holes which intersected the
layered ultramafic intrusive body which based on findings to date is
considered prospective for Ni, Co, Au and Platiunum Group Element
mineralisation.

The funds raised will enable the Company to progress the very prospective
Project in the best interest of shareholders following receipt of the
remaining drill core and soil sample assays.

Total Voting Rights

Following Admission, the Company's total issued share capital will consist of
5,189,080 Ordinary Shares. The Company does not hold any Ordinary Shares in
treasury.

Therefore, following Admission, the total number of voting rights in Panther
Metals plc will be 5,189,080. Following Admission this figure may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change in
their interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.

Darren Hazelwood, Chief Executive Officer, commented:

"The business continues to accelerate the development of the exciting Dotted
Lake Project in Ontario. The successful drilling programme conducted in the
autumn of 2024 has added value with the delineation of a 1.2km long open-ended
gold trend and the intersection of high grade zinc/gold VMS style
mineralisation, whilst the assay results of the further four diamond drill
holes are eagerly awaited.

 

Without doubt the exploration industry continues to face headwinds in the
equity markets at a time when governments and majors are increasing options
for explorers: an unprecedented situation. Global supply chains will begin to
suffer within a relatively short timeframe driving capital back into explorers
at sensible levels.

 

We continue to advance our portfolio and I'm pleased we have the additional
capital to push our projects on."

 

Reference Notes

 

1:         Company announcement: Dotted Lake: Uncovering Discovery of
Gold & VMS Near Hemlo, dated 30 December 2024.

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe33gor
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe33gor)
)

 

For further information please contact:

 

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:   +44(0) 1462 429 743

 
+44(0) 7971 957 685

Brokers:

Tavira Financial Limited

Christopher James
Kipling                               +44(0) 203
833 3743

SI Capital Limited

Nick Emerson
                         +44(0) 1438 416 500

Notes to Editors

Panther Metals PLC is an exploration company listed on the main market of the
London Stock Exchange. Panther is focussed on the discovery of commercially
viable mineral deposits. The Company's operational focus is on established
mining jurisdictions with the capacity for project scalability. Drill targets
are assessed rapidly utilising a combination of advanced technologies and
extensive geological data to decipher potential commercial viability and act
accordingly. Panther's current geological portfolio comprises of three highly
prospective properties in Ontario, Canada while the developing investment wing
focuses on the targeting of nickel and gold in Australia.

Obonga Project

Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have
already identified five prospective primary targets: Wishbone, Awkward,
Survey, Ottertooth and Silver Rim. A successful Phase 1 drilling campaign at
Wishbone in Autumn 2021 revealed the presence of significant VMS-style
mineralised systems on the property - the first such discovery across the
entire greenstone belt. Intercepts include 27.3m of massive sulphide in hole
one, and 51m of sulphide-dominated mineralisation in hole two. Both drill
holes contained multiple lenses. Anomalous high-grade copper in lake sediment
close to the target area has also been identified, increasing confidence in
the prospectivity of the location.

Awkward is a highly anomalous magnetic target, interpreted to be a layered
mafic intrusion and magmatic conduit based on mapped geology and airborne
geophysics. Historic sampling in the area returned anomalous platinum and
palladium (Pt, Pd) values, while historic drilling on the periphery of the
target intersected non-assayed massive sulphide and copper (assumed to be
chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse
gabbro, and non-assayed 'marble cake' gabbro (matching the description of the
Lac des Iles Mine varitexture gabbro ore zone).

Two additional named targets, Survey and Ottertooth, both displays further
coincident magnetic and electromagnetic anomalies and are adjacent to the
contact between intrusive and extrusive mafic rocks. Historic drilling at
Survey intersected several meters of massive sulphides in multiple
intersections (main parts of the anomaly remain untested) while Ottertooth
remains untested in its entirety.

Dotted Lake Project

Panther Metals acquired the Dotted Lake Project in July 2020, it is situated
approximately 16km from Barrick Gold's renowned Hemlo Gold Mine. An extensive
soil programme conducted in 2021 identified numerous gold and base metal
targets, all within the same geological footprint. Following the installation
of a new trail providing direct access to the target location, an initial
drilling programme in Autumn 2021 confirmed the presence of gold
mineralisation within this system with anomalous gold continuing along strike
and present within the surrounding area.

Fulcrum Metals Plc

Fulcrum Metals PLC (LON: FMET) is an AIM listed exploration company which
finances and manages exploration projects focused on Canada, widely recognised
as a top mining jurisdiction.

FMET currently holds a beneficial 100% interest in highly prospective gold and
base metals projects in Ontario and Uranium projects in Saskatchewan.

Fulcrum's strategy is to focus on discovery and commercialisation of its
Projects through targeted exploration programmes. The primary focus is to make
an economic discovery on the flagship Schreiber-Hemlo Properties and
establishing the prospectivity of its wider Ontario and Saskatchewan portfolio
with a view to securing potential joint venture and/or acquisition interest.

Panther Metals Plc own 12.38% of the issued share capital of Fulcrum Metals
Plc and a 2% NSR on the Big Bear project.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets on the Australian
Securities Exchange ("ASX") in December 2021. The ASX listing has provided the
Australian projects with the necessary capital to advance drill-ready targets
focused on nickel and gold (within the Tier 1 Mining Districts of Laverton WA
and in the NT). Through this spin-out Panther holds an attractive investment
prospect, without any disruption to the Company's capital structure and
without any financial obligations.

Conclusion

Panther Metals understand that the commercial realities of building an
exploration company requires expertise in geology, finance, and the markets
within which they operate. The Company's extensive network of industry leaders
allows it to meet these objectives. Ultimately however, drilling success is
the only route to discovery: the fundamental objective of any exploration
company. Once Panther's world-class geological team identify the anomalies,
they work hard to get drilling. The drill hole is the only place where
substantial and sustained capital growth originates and it's with that
operational focus Panther Metals will continue to advance.

 

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