Panther Metals Secures Funding for Laverton Gold Project Drilling
PNT (PNT) Share Update October 2024 Tuesday 29th
Panther Metals Raises $2.22 Million for Laverton Gold Project Drilling
Panther Metals Ltd (ASX: PNT) has successfully raised $2.22 million to fund its ambitious drilling program at the Laverton Gold Project, marking a pivotal step in its exploration efforts.
Instant Summary:
- Raised $2.22 million through a fully underwritten entitlement offer and follow-on placement.
- Identified 36 highly anomalous gold geochemical targets at Laverton Gold Project.
- Commenced a 7,000-meter drilling program over 10 prospective gold targets.
Corporate Developments
During the quarter ending 30 September 2024, Panther Metals Ltd conducted a fully underwritten, renounceable entitlement offer to raise $1.96 million. This capital raising was complemented by a follow-on placement of $0.26 million to meet excess demand from new institutional and professional investors.
The total proceeds of $2.22 million (before issue costs) will support the company's exploration activities, particularly the drilling program at the Laverton Gold Project. The entitlement offer was structured to offer three new shares for every two existing shares at an issue price of $0.015 per share, along with one unlisted option for every four new shares subscribed.
Laverton Gold Project
The Laverton Gold Project, a key focus for Panther Metals, spans approximately 265 square kilometers of under-explored gold targets. A comprehensive study combining recent exploration with historic data has identified 36 highly anomalous gold geochemical targets.
The drilling program, which has already commenced, aims to cover 7,000 meters across 10 highly prospective targets. Notable targets include Burtville East and Ironstone Gold, where previous drilling has revealed significant gold intercepts.
Exploration and Future Plans
The funds raised will not only facilitate the Laverton drilling program but also advance studies at the Coglia Nickel-Cobalt Project. The company plans to explore environmentally friendly methods for nickel and cobalt extraction, aligning with sustainable mining practices.
Panther Metals is committed to advancing its exploration efforts and providing shareholders with updates as the drilling progresses into the December quarter.
The successful capital raise positions Panther Metals well for its upcoming exploration activities. The focus on the Laverton Gold Project, with its promising targets, could significantly enhance the company's asset base and market valuation. The stock might see positive movement as investors anticipate drilling results, but the broader market will also be watching for tangible outcomes from the exploration efforts.
Investor Reaction:
Analysts are likely to view the capital raise positively, as it secures funding for critical exploration activities. The identification of numerous gold targets adds to the project's potential, and investor sentiment may improve with successful drilling results.
Conclusion:
Investors should keep a close eye on the progress of the Laverton Gold Project drilling and any updates on the Coglia Nickel-Cobalt Project. Panther Metals' strategic focus on exploration could yield significant returns if the drilling results are favorable.