Exercise of right to increase Convertible Bonds
Convertible Bonds increased from $30.5m to $35m; proceeds to fund working capital and Megrez-1 flow testing.
- Convertible Bonds aggregate amount US$35 million (prior US$30.5 million)
- Maturity date March 2028
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Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas exploration company with 100% working interests in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announced on 26 February 2025 that it had granted to Sun Hung Kai & Co. Limited and its affiliates, clients and funds managed or advised by them (the "Convertible Bond Investor") the sole right to increase the aggregate amount of senior convertible bonds due March 2028 (the "Convertible Bonds") from $30.5 million to $35 million.
Further to that announcement, the Company is pleased to advise that Convertible Bonds Investor has made the election and exercised that right to increase the offering size of the Convertible Bonds to US$35 million. All other terms of the Convertible Bonds as announced on 20 February 2025 remain unchanged. The increased amount received under the Convertible Bonds will be used for working capital, expenses and G&A.
David Hobbs, Chairman of Pantheon Resources, said:
"The upsize of the Convertible Bond will provide additional runway for the Company to complete the flow testing in the Megrez-1 well and prepare for future activities."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.