Panther Metal raises funds to ramp up exploration in Ontario

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Panther Metals PLC (LSE:PALM) has raised GBP630,000 through a placing of new shares at 12p each.


Darren Hazelwood, Panther’s chief executive, said: “As we work towards the commencement of two drill programmes in Ontario, Canada: Dotted Lake on the Hemlo-Schreiber greenstone belt; and the Wishbone VMS target on the Obonga greenstone belt, this raise provides us with the capital required to proceed exactly as planned during this autumn.


“It is widely reported that the lack of access has been a contributory factor in the low levels of previous exploration carried out on the Obonga greenstone belt to date.


“Obonga has all the geological ingredients to host a commercially viable discovery, as illustrated by similar greenstone belts within the vicinity.


“As a result of this new capital injection we can now advance our plans to install a trail across Obonga giving us unparalleled exploration access.”


Each placing share with be issued with a one-for-one warrant attached exercisable at 18p within 24 months subject to an accelerator

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