Panther Metals (ASX:PNT) has launched a 1 for 2 renounceable rights issue to raise up to A$2.7M to support project development.
Highlights:
- The funds raised will be used to conduct a 7,500m targeted extensional drilling program aimed at significantly increasing the current JORC 70.6Mt nickel-cobalt inferred resource at the Coglia project.
- The funds will also be used to begin maiden drilling campaigns at the Red Flag nickel sulphide project and the 40 Mile Camp gold and nickel prospect, as well as undertake expansion drilling at the Burtville East gold prospect.
- The rights issue is attractively priced at 10c per share.
- Directors intend to subscribe for their respective entitlements.
The funds will principally be used to support a targeted extensional drilling of the 70.6Mt nickel-cobalt Inferred Mineral Resource area on the Coglia Project, and to commence a maiden drilling campaign at the Red Flag Nickel Sulphide Project.
Mahe Capital Pty Ltd will act as Lead Manager to the Rights Issue.
Intended Use of Funds
The Company intends to apply the funds raised towards the following projects:
• Coglia Nickel-Cobalt: Conduct a 7,500m targeted extensional drilling programme aimed at significantly increasing 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 further information please visit: https://panthermetals.com.au/
