Result of Capital Raise
Pantheon Resources raised approximately $29 million through oversubscribed placing and retail offer at 17 pence per share.
- Gross proceeds raised $29 million
- Issue price per share 17 pence
- Total new shares issued 132,454,566
- Bond prepayment $4.9 million
- Convertible bond balance after prepayment $19.6 million
- Share dilution 13.9%
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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, today announces the results of the Fundraise and Retail Offer which was announced yesterday.
The Fundraise was heavily oversubscribed and the Company, having taken into account the strong support received from existing and new investors, decided to increase the size of the Fundraise, and when combined with the Retail Offer, raised gross proceeds of approximately $29 million before costs.
A total of 132,454,566 New Ordinary Shares have been placed and subscribed for pursuant to the Placing, Subscription and Retail Offer at a price of 17 pence per Ordinary Share (the "Issue Price"). 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 additional funds raised in the Fundraise will be applied towards data acquisition such as collecting whole core, tests of multiple horizons and, in a success case, a possible long term production test at Megrez-1, as well as further development of the Company's asset portfolio and general corporate purposes.
A total of 22,380,254 new Ordinary Shares (the "Bond Prepayment Shares") will be issued to the holder of the Convertible Bond at the Issue Price pursuant to the Bond Prepayment of $4.9 million, which reduces the outstanding balance of the convertible bond from $24.5 million to $19.6 million. Additionally, the holder of the Convertible Bond supported the fundraising through participation in the Placing at the issue price.
The New Ordinary Shares and the Bond Prepayment Shares represent 13.9 per cent. of the issued voting Ordinary Share capital of the Company following the Fundraise, the Bond Prepayment and the Retail Offer.
Application will be made to London Stock Exchange plc for the New Ordinary Shares and the Bond Prepayment Shares to be admitted to trading on AIM ("Admission"). Subject, amongst other things, to the satisfaction or waiver of the conditions of the Placing Agreement, it is expected that Admission will take place and dealings in the New Ordinary Shares and the Bond Prepayment Shares will commence on AIM on or around 8.00 a.m. on 2 August 2024.
Directors' participation in the Fundraise
All of the Directors, as well as certain management and advisers, participated in the Subscription for an aggregate amount of approximately $1.0 million. Pursuant to the Subscription, the following Directors have agreed to subscribe for the following Subscription Shares at the Issue Price:
| Director 1 | Current ultimate beneficial ownership | Number of Subscription Shares being subscribed for | Resultant ultimate beneficial ownership after the Subscription | Percentage of Ordinary Shares on Admission |
|---|---|---|---|---|
| Jay Cheatham | 4,235,346 | 294,117 | 4,529,463 | 0.41% |
| Justin Hondris | 1,844,753 | 228,369 | 2,073,122 | 0.19% |
| Jeremy Brest | 2,322,608 | 228,369 | 2,550,977 | 0.23% |
| Robert Rosenthal | 1,867,821 | 228,369 | 2,096,190 | 0.19% |
| David Hobbs | 3,697,684 | 342,554 | 4,040,238 | 0.36% |
| Allegra Hosford Scheirer | - | 22,836 | 22,836 | 0.00% |
| Linda Havard | - | 45,673 | 45,673 | 0.00% |
| Total | 1,390,287 |
- Includes shares beneficially held through spouses or private companies.
David Hobbs, Executive Chairman, said, "We are reassured by the overwhelming demand in this fundraising, but we also value the strategic benefit of strengthening our hand in ongoing funding and commercial negotiations and being able to spud the Megrez-1 well on our Ahpun Eastern Topsets in Q4 this year and to be able to conduct extended testing on that well in a sussess case. We believe Megrez-1 to be one of the most impactful wells in the Company's history, targeting a 609 million barrel resource in a high quality sandstone reservoir, adjacent to pipeline and road infrastructure and analogous to other fields on the Alaska North Slope currently under development. Success at Megrez-1 will be potentially game changing for our Company and we look forward to sharing progress with shareholders in the coming weeks and months."
Unless otherwise specified, all defined and capitalised terms have the same meaning as set out in the Company's announcement on 25 July 2024 at 16:43.
| a) | Name | Jay Cheatham | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Pantheon Resources plc | |
| b) | LEI | 213800SWHY5DNQS64J23 | |
| b) | Nature of the transaction | Subscriber in the Capital Raising | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 17p | 294,117 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |
| e) | Date of the transaction | 25 July 2024 | |
| f) | Place of the transaction | Outside of a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | J. Hondris | |
| 2 | Reason for the notification | ||
| a) | Position/status | Person Closely Associated with Justin Hondris, Director, Finance and Corporate Development | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Pantheon Resources plc | |
| b) | LEI | 213800SWHY5DNQS64J23 | |
| b) | Nature of the transaction | Subscriber in the Capital Raising | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 17p | 228,369 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |
| e) | Date of the transaction | 25 July 2024 | |
| f) | Place of the transaction | Outside of a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Westman Management Limited | |
| 2 | Reason for the notification | ||
| a) | Position/status | Person Closely Associated with Jeremy Brest, Non-Executive Director | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Pantheon Resources plc | |
| b) | LEI | 213800SWHY5DNQS64J23 | |
| b) | Nature of the transaction | Subscriber in the Capital Raising | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 17p | 228,369 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |
| e) | Date of the transaction | 25 July 2024 | |
| f) | Place of the transaction | Outside of a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Robert Rosenthal | |
| 2 | Reason for the notification | ||
| a) | Position/status | Director | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Pantheon Resources plc | |
| b) | LEI | 213800SWHY5DNQS64J23 | |
| b) | Nature of the transaction | Subscriber in the Capital Raising | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 17p | 228,369 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |
| e) | Date of the transaction | 25 July 2024 | |
| f) | Place of the transaction | Outside of a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | David Hobbs | |
| 2 | Reason for the notification | ||
| a) | Position/status | Non-Executive Director | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Pantheon Resources plc | |
| b) | LEI | 213800SWHY5DNQS64J23 | |
| b) | Nature of the transaction | Subscriber in the Capital Raising | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 17p | 342,554 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |
| e) | Date of the transaction | 25 July 2024 | |
| f) | Place of the transaction | Outside of a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Allegra Hosford Scheirer | |
| 2 | Reason for the notification | ||
| a) | Position/status | Non-Executive Director | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Pantheon Resources plc | |
| b) | LEI | 213800SWHY5DNQS64J23 | |
| b) | Nature of the transaction | Subscriber in the Capital Raising | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 17p | 22,836 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |
| e) | Date of the transaction | 25 July 2024 | |
| f) | Place of the transaction | Outside of a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Linda Havard | |
| 2 | Reason for the notification | ||
| a) | Position/status | Non-Executive Director | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Pantheon Resources plc | |
| b) | LEI | 213800SWHY5DNQS64J23 | |
| b) | Nature of the transaction | Subscriber in the Capital Raising | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 17p | 45,673 | ||
| d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |
| e) | Date of the transaction | 25 July 2024 | |
| f) | Place of the transaction | Outside of a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.