Panther Metals (LSE:PALM), the explorer focused on mineral projects in Canada, said on Friday it has closed the Canadian flow-through share offering announced on 9 October.
The placing raised gross proceeds of £2.22m (CAD$4.16m) through the issue of 980,398 units at CAD$4.24 (£2.26) each. Each unit comprises one ordinary share and half a warrant, with each whole warrant exercisable at £2.67 for 36 months from closing.
Following closing, SI Capital has facilitated a secondary sale of the units to select institutional investors through the UK block trade structure set out in the 9 October announcement.
The money will primarily fund continuation of the Phase 1 diamond drilling programme at the Wishbone VMS prospect on the Obonga Project in northwest Ontario into 2027.
Panther has already reported visual sulphide intersections from its first two Wishbone holes, including portable X-ray fluorescence readings confirming chalcopyrite mineralisation grading 8.34% copper, which it described as the first copper of that grade seen in Obonga drilling to date; laboratory assays remain pending.
Chief executive Darren Hazelwood called the raise "a remarkable achievement for the Company, demonstrating what can be accomplished through innovation, determination and a willingness to challenge established financing conventions."
The financing follows a £2.5m placing in June that funded an expanded drilling budget and a second diamond core rig, and comes after Panther extended its option agreement with Broken Rock Resources over the Obonga Project to 31 August 2027 to allow time for permit renewal ahead of further drilling.
