Pantera Minerals Limited (ASX: PFE) (“Pantera” or “the Company”) is pleased to announce that it has successfully completed a capital raise of A$3.45 million led by CPS Capital Group Pty Ltd (“CPS” or “CPS Capital”) via the issue of 98,443,152 new shares to family offices, high net worth investors, existing shareholders, and company management (“Placement”).
• Firm commitments received for a two-tranche placement of approximately 98.44 million shares priced at A$0.035c per share to raise approximately A$3.45 million (before costs).
• Initial A$2 million placement well oversubscribed, providing further endorsement of Pantera’s plan to develop a world-class lithium brine project in the prolific Arkansas Smackover play.
• The Arkansas Smackover represents traditional oil and gas fields being transformed into the energy future for America with existing reservoirs containing lithium-rich brines.
• Proceeds from the equity raising to be used for further leasing, well re-entry and subsurface work with the aim of completing a JORC resource in the 2024 calendar year ensuring active news flow over the coming year.
Executive Chairman and CEO Barnaby Egerton-Warburton commented:
“We are immensely grateful for the overwhelming demand and support received for this capital raise by CPS Capital, which unmistakably underscores the market's recognition of the extraordinary potential inherent in Pantera's Smackover Lithium Brine Project (“Project”). The Project, located in North America's new Lithium Capital, the Arkansas’s Smackover, represents not just an opportunity for Pantera, but a stride towards securing a sustainable future powered by lithium. This robust vote of confidence from our investors and supporters galvanises our commitment to not only meeting but exceeding expectations, as we pioneer advancements in lithium extraction and contribute to the global energy transition. Thank you to everyone who shares our vision and has joined us on this remarkable journey."
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au