REG - Seed Innovations Ltd - New Investment: Pantheon Resources plc

Seed InnovationsAnnouncement

07/08/2024 11:45

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RNS Number : 5785Z  Seed Innovations Limited  07 August 2024

Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments

7 August 2024

SEED Innovations Limited

("SEED" or the "Company")

 

New Investment: Pantheon Resources plc

 

Investment part of SEED's opportunistic short-term trading strategy

 

SEED Innovations Ltd, the AIM-quoted investment company offering exposure to
disruptive, high-growth, life sciences and technology ventures typically
inaccessible to everyday investors, is pleased to announce that it has taken
advantage of its limited opportunistic short-term trading strategy to invest
 £250,000 (the "Investment") in AIM listed oil and gas company Pantheon
Resources plc ("Pantheon").

 

Highlights

·    £250,000 participation in Pantheon's oversubscribed c.US$29 million
fundraise and retail offer.

·    All Pantheon's Directors, as well as certain management and advisers,
participated in the Subscription for an aggregate amount of approximately $1.0
million.

·    SEED's investment paid from cash reserves, leaving approximately
£3.5 million in remaining cash reserves.

 

Commenting on the investment, SEED CEO Ed McDermott said: "We are pleased to
announce our participation in Pantheon's significantly oversubscribed
fundraise, which aligns with our sector agnostic short-term trading strategy
focused on highly liquid, publicly traded companies poised for near-term
valuation catalysts. Notably, this was made from our cash reserves,
demonstrating our strong financial position and ability to fund growth without
the need to raise external capital.

 

"We look forward to future updates on the development of Pantheon's Ahpun's
Eastern Topsets including the drilling of its Megrez 1 well in the coming
months."

 

DETAILS

Pantheon is an AIM listed oil and gas company with a 100% working interest in
the Kodiak and Ahpun projects located in close proximity to pipeline and
transportation infrastructure on Alaska's North Slope.

 

As announced on 26 July 2024, Pantheon raised c.US$29 million via a fundraise
and retail offer to fund the drilling of its Megrez-1 well located in the
Ahpun Eastern Topset area, and, together with existing cash resources, cover
lease rentals, development of its asset portfolio and provide general working
capital. Notably, all Pantheon's Directors, as well as certain management and
advisers, participated in the Subscription for an aggregate amount of
approximately $1.0 million.

 

As part of its opportunistic short-term trading strategy, SEED has committed
to invest £250,000 in Pantheon's fundraise.  Paid for from cash reserves,
SEED has approximately £3.5 million in remaining cash reserves following the
investment. Following the Admission of Pantheon's new shares to trading on
AIM, SEED will hold  1,470,588  shares, representing  0.13%  of the issued and
voting capital of Pantheon.

 

As an established enterprise, Pantheon's audited results are publicly
available at www.pantheonresources.com (http://www.pantheonresources.com) . In
the six-month period to 31 December 2023, Pantheon reported a loss of US$5.68
million (¢0.66 per share) and had a balance sheet value of US$269.3 million.
Following this fundraise and at the issue price of 17 pence per Ordinary
Share, Pantheon's market capitalisation would be £189.7 million
(approximately US$225 million).

 

Pantheon's new Ordinary Shares will be admitted to trading on AIM, commencing
at 8:00 a.m. on or around 2 August 2024. Following the fundraise and the
related issuance of additional shares to a convertible bond holder, Pantheon
will have 1,115,754,480 Ordinary Shares in issue.

 

- Ends -

 

For further information visit: www.seedinnovations.co or contact:

 

  Ed McDermott       SEED Innovations Ltd          info@seedinnovations.co  

 Lance de Jersey
 James Biddle        Beaumont Cornish Limited      (0)20 7628 3396

 Roland Cornish      Nomad
 Isabella Pierre     Shard Capital Partners LLP    (0)20 7186 9927

 Damon Heath         Broker
 Ana Ribeiro         St Brides Partners Ltd        seed@stbridespartners.co.uk

 Isabel de Salis     Financial PR

 

Notes

Seed Innovations Ltd is an AIM quoted investment company offering exposure to
disruptive, high-growth, life sciences and technology ventures typically
inaccessible to everyday investors. Its strategy focuses on identifying
early-stage opportunities with upcoming investment catalysts, alongside more
mature investments providing near-term liquidity. With a portfolio of such
investments and cash reserves, the company is agile and poised to capitalise
swiftly on new investment opportunities.

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