Panther Metals (ASX:PNT) has received strong support for its recent rights issue, which closed with the full amount of A$2.7M raised.
The company also received high demand from new institutional and professional investors and will undertake a follow-on placement to increase the total raised to over A$3M.
Panther is now well funded to pursue its “Big Four” exploration plan, starting with targeted extensional drilling of the 70.6Mt Coglia Nickel-Cobalt inferred mineral resource, discovered in early 2022 just months after the company listed.
“We would like to thank our existing shareholders for the overwhelming support they have shown during this Rights Issue, demonstrating their continued commitment to the Company and enthusiasm for our future,” Managing Director and CEO, Daniel Tuffin, commented.
“We also welcome our new shareholders and are excited as we embark on setting our ‘Big Four’ exploration plan into action, the first step being targeted extensional drilling of the Coglia Ni-Co Project with the aim to further grow the existing Nickel-Cobalt resource.”
The proceeds from the Rights Issue and the Follow-on Placement will be used for the following:
• Coglia Nickel-Cobalt: Conducting a 7,500m targeted extensional drilling programme to significantly increase the current JORC 70.6Mt nickel-cobalt Inferred Mineral Resource
• Red Flag Nickel Sulphide: Maiden drilling campaign on this newly discovered nickel sulphide project area, once access is secured.
• Burtville East: Expansion drilling on this shallow, bonanza grade, gold prospect.
• 40 Mile Camp: Maiden drilling campaign on a largely untested 5.0km x 2.5km anomalous gold and nickel prospect, once access is secured.
• For general working capital and to cover costs associated with the Rights Issue and the Follow-on Placement.
For further information please visit: https://panthermetals.com.au/
