Australia's Pantoro rises on funding for merger with Tulla Resources

Tulla Resources Pty

19/06/2023 05:51

** Shares of Australian gold producer Pantoro Ltd  PNR.AX 
rise as much as 4.5% to A$0.070, their highest since June 5 
    ** Co secures a four-year A$55 mln ($37.6 mln) equivalent
USD-denominated senior secured loan facility ahead of its merger
with rival Tulla Resources  TUL.AX  
    ** Says facility will refinance and replace existing debt
facilities held by both entities, Pantoro and Tulla  
    ** More than 6.5 mln shares change hands vs the 30-day
average volume of ~5.4 mln shares 
    ** Stock marks second straight day of gains  
    ** Stock down 30.2% this year, as of last close, vs a 3.02%
increase in the benchmark S&P/ASX 200 index  .AXJO  



($1 = 1.4613 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))