AFR: Gold explorer Pantoro in $45m placement
Equity capital markets are quiet, but investors seem happy to hand cash to gold explorers.
Pantoro was the other gold explorer pitching for fresh funds on Thursday, as its larger peer, Westgold Resources, launched a $100 million raise.
Pantoro’s offer was priced at 29¢ a share, a 14.7 per cent discount to Pantoro’s last close and 15.8 per cent, five-day, volume-weighted average price.
Potential investors were told Pantoro would use the proceeds for its Norseman Gold to Project to bring forward mining, to accelerate its platinum group elements (PGE) Halls Creek project and for general working capital.
Argonaut and Euroz Hartleys were joint lead managers. Petra Capital was a co-lead manager on the raise.
The brokers called for bids by 2pm AEDT on Thursday for southern hemisphere investors and by 6am on Friday AEDT for those in the northern hemisphere.
Pantoro had a $479.2 million market capitalisation before the raise.
Source: The Australian Financial Review