Pantoro falls most in nearly 14 years on discounted placement to fund Tulla deal

Tulla Resources Pty

15/02/2023 04:47

** Australia's Pantoro Ltd  PNR.AX  dips as much as 35.2% to
A$0.057, posting its biggest intraday pct loss since March 13,
2009
    ** Shares touch their lowest level since Dec 22, 2015
    ** The gold producer on Monday said it is undertaking a
placement of 1,250 mln placement shares to raise A$75 million 
($52.01 million)
    ** Issue price of A$0.06 per placement share is at a 31.8%
discount to last close on Feb. 10
    ** Says placement to support co's acquisition of Tulla
Resources  TUL.AX  
    ** Co and Tulla Resources also entered into a binding merger
implementation deed
    ** Under deed, co to acquire Tulla for 100% scrip
consideration and consolidate 100% ownership of Norseman Gold
Project
    ** Tulla shareholders to receive 4.96 Pantoro ordinary
shares for each Tulla share they own
    ** Volumes are 16.5x the 30-day average of about 1.9 mln
shares
    ** Stock has fallen 8.3% this year, as of last close
($1 = 1.4420 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))