Pantheon Resources Share Discussion Threads

[sandcrab2] 25/7/2024 17:06

They’re also issuing shares to prepay the next two death spiral payments

Lot to look forward to here

[monet] 25/7/2024 17:06

Will Mangrove close their short at 17p, looks good for them?

[sirmark] 25/7/2024 16:58

PrimaryBid Offer

Pantheon Resources plc (LON: PANR), the AIM-quoted oil and gas company, is pleased to announce, a conditional offer for subscription of new ordinary shares of 1 pence each in the capital of the Company ("Retail Offer Shares") via PrimaryBid (the "PrimaryBid Offer") at an issue price of 17 pence per Retail Offer Share (the "Issue Price"), being a discount of 14.4 per cent to the closing price of the Company's existing ordinary shares on 24 July 2024. The Company is also conducting a placing of new ordinary shares at the Issue Price by way of an accelerated bookbuilding process (the "Placing") as announced earlier today. In addition, certain investors and all of the directors of the Company will also be subscribing for new ordinary shares at the Issue Price directly with the Company (the "Subscription" and, together with the PrimaryBid Offer and the Placing, the "Fundraise").

The Fundraise is conditional on the new ordinary shares to be issued pursuant to the Fundraise being admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on 2 August 2024. The PrimaryBid Offer will not be completed without the Placing also being completed.

t is a term of the PrimaryBid Offer that the aggregate value of the Retail Offer Shares available for subscription at the Issue Price does not exceed £2 million.

[sirmark] 25/7/2024 16:53

Pantheon Resources plc



Proposed Placing and Subscription to raise a minimum of $18.5 million



Pantheon Resources plc ("Pantheon" or the "Company"), the 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, is pleased to announce that it intends to raise a minimum of $18.5 million by way of a placing and conditional subscriptions (together the "Fundraise") of new Ordinary Shares at a price of 17 pence per share (the "Issue Price").



The purpose of the Fundraise is principally to fund the drilling of the Megrez-1 well located in the Ahpun Eastern Topset area, and, together with existing cash resources, to cover lease rentals, development of the Company's asset portfolio and provide general working capital for the Group.



Institutional investors will participate by way of a placing of new Ordinary Shares (the "Placing Shares") conducted through an accelerated bookbuild (the "Bookbuild") which will be launched immediately following this Announcement (the "Placing"). Canaccord Genuity Limited ("Canaccord") and Zeus Capital Limited ("Zeus Capital") are acting as joint bookrunners in connection with the Placing (the "Joint Bookrunners" and each a "Bookrunner"). The Placing is not being underwritten.



Certain investors will also be subscribing for new Ordinary Shares (the "Subscription Shares") at the Issue Price directly with the Company (the "Subscription"). The Subscription is conditional on completion of the Placing.



In addition to the Placing and the Subscription, retail investors will be given an opportunity to participate by subscribing for new Ordinary Shares (the "Retail Offer Shares") at the Issue Price (the "Retail Offer") on the PrimaryBid platform. A separate announcement will be made shortly regarding the Retail Offer and its terms. The Placing and Subscription are not conditional upon the Retail Offer. The Retail Offer will close on completion of the Bookbuild process.



The holder of the Convertible Bond has indicated its intention to participate in the Placing for $4 million, subject to a minimum of $18.5 million (inclusive of this amount) being raised in the Fundraise. Additionally, and subject to the same condition, the Company has agreed to prepay at the time of the Placing the final two principal amortisation payments under the Convertible Bond of $2.45 million each, originally falling due in September and December 2026, by way of issuing 22,380,254 new Ordinary Shares at the Issue Price (at a £:$ rate of 1.2879).



The Company considers it important to be able to take advantage of investor demand should investors wish to participate in the Fundraise in excess of $18.5 million. In such an event, therefore, the Company will likely increase the amount proposed to be raised pursuant to the Fundraise. Any additional proceeds above the minimum of $18.5 million, including from the Retail Offer, will be applied towards extended flow testing at Megrez-1 (in a success case), further development of the Company's asset portfolio and general corporate purposes.



The Placing is subject to the terms and conditions set out in the Appendix to this Announcement (which forms part of this Announcement).



The final number of New Ordinary Shares to be issued will be announced immediately following the closing of the Bookbuild process and Retail Offer. The New Ordinary Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the Existing Ordinary Shares, 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.



Application will be made for Admission of the New Ordinary Shares and it is expected that Admission will take place at or around 8.00 ‎a.m. (London time) on 2 August 2024 (or such later time and/or date as may be agreed between the ‎Company and the Joint Bookrunners, being not later than 8.00 ‎a.m. (London time) on 9 August 2024). The Fundraise is conditional upon, inter alia, Admission ‎becoming effective. The Placing is also conditional upon the Company having received payment from the Subscription in respect of the Subscription Shares and the Placing Agreement not otherwise being ‎terminated in accordance with its terms.

[squiresquire] 25/7/2024 16:50

I was wrong about the placing, i had said 16p but they managed to get, or will get, 17p.

Its amazing how many ' game changers ' PANR has had. Scotty must be delighted. No doubt he will be buying at the placing. Book Build? Never Share Price Build.

[sirmark] 25/7/2024 16:49

17p time to load up the largest drill in history IMO !!!

[forwood] 25/7/2024 16:45

Tongo and Ssunday - Don't know how you have the nerve to pontificate about treatment of others. You two have been treating people shamefully on the helpless thread.

[sirmark] 25/7/2024 16:45

RNS !!!! We're DRILLING.... this is going to be MASSIVE ... this is a fill'ya'boots time.... you have been given a gift, take it !!!!

[scalpendiporcus] 25/7/2024 13:58

Mangrove have nailed this .
Good job they didn’t close their short .
They knew what they were doing .

[kemche] 25/7/2024 13:56

Hundreds of freshly minted avatars spawned just to pillory me? I am honoured!

At least I am providing deep research and not just barbed jibes.

"You clearly are a foolish investor then who has lost massively on this
A gullible buffoon sucked in by the hype."

Oh I am am I??? I have not lost massively you nincompoop - I am merely temporarily underwater. It would be a catastrophic loss if I were to sell but I have no intention of doing so. Quite the opposite actually - I continue to average down on a daily basis. Any sane investor would be doing likewise. But you would not know sanity if it slapped you around the chops and introduced itself with a courteous "Hello! I am sanity".

And beware of Helpfull - whom is liar!!!

[turkey3] 25/7/2024 13:55

Wow!! You need some help.. Can you tell me why mangrove haven't even bought back yet? Are they waiting for £10? Haha you fool.

[kemche] 25/7/2024 13:38

Once this is £10 in 2028 then you will be crying wishing it was 43p. Some people are just too dense to realise what an investment is. All that we, the researched long term investors, are waiting for is the gushing to begin. But don't worry as I won't be around to poke fun at you whilst you are bawling. They could announce a webinar at any time and then let's see you scrambling to close your shorts. And who knows what will come out of the data room.

GLA LTHers!

I continue to average down.

And as always - Helpfull whom is liar!!!!

[turkey3] 25/7/2024 13:19

Haha you're the fool. You've been telling yourself that all the way down from 43p

[kemche] 25/7/2024 12:21

I see no contender has raised their head above the parapet to joust with our wordsmith Liddiard whom can wipe the floor with you all with his witty repartee. It seems once again the belt goes to Liddiard in the blue corner! A worthy literary pugilist whom remains undefeated.

[scalpendiporcus] 25/7/2024 12:17

😂😂😂

This is sinking into mangroves swamp

[kemche] 25/7/2024 12:15

Classic treeshake as expected.

I continue to average down.

GLA LTHers!

Helpfull whom is liar!!!!

[turkey3] 25/7/2024 11:53

Give it a few weeks and what pantheon need to raise will be more than the market cap. What a job DH is doing!! Haha haha!! When it runs it will run! LMFAO