Pantheon Resources PLC Partial Conversion of Unsecured Convertible Bonds (1993K)
May 04 2022 - 1:02AM
UK Regulatory
TIDMPANR
RNS Number : 1993K
Pantheon Resources PLC
04 May 2022
4 (th) May 2022
Pantheon Resources plc
Partial Conversion of Senior Unsecured Convertible Bonds Due
2026
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas company with a 100% working interest in all
of its oil projects s panning c. 153,000 acres adjacent and near to
transportation and pipeline infrastructure on the Alaska North
Slope, announces that the holder of its senior unsecured
convertible bonds due 2026 (the "Convertible Bonds") has exercised
conversion rights in respect of US$3.8 million in principal amount
of the Convertible Bonds.
As a result of such exercise of conversion rights, Pantheon has
issued and allotted 3,681,457 new ordinary shares of GBP0.01 each
(the "New Ordinary Shares") in the Company. The New Ordinary Shares
will rank pari passu with the existing Ordinary Shares in the
Company. Accordingly, the principal remaining under the Convertible
Bonds will be reduced by US$3.8 million to US$46.55 million.
An application has been made to the London Stock Exchange for
the New Ordinary Shares to be admitted to trading on AIM
("Admission") and it is expected that Admission will become
effective, and trading will commence on or before 8.00 a.m. on
6(th) May 2022. Following Admission, the total number of Ordinary
Shares in issue, and therefore the total number of voting rights,
will be 760,505,988.
- ENDS -
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity Limited (Nominated Adviser
and broker)
Henry Fitzgerald-O'Connor, James Asensio +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Alice McLaren, Madeleine
Gordon-Foxwell +44 20 7138 3204
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company
focused on several large projects located on the North Slope of
Alaska ("ANS"), onshore USA where it has a 100% working interest in
153,000 highly prospective acres with potential for multi billion
barrels of oil recoverable. A major differentiator to other ANS
projects is its close proximity to transport and pipeline
infrastructure which offers a significant competitive advantage to
Pantheon, allowing for materially lower capital costs and much
quicker development times. The Group's stated objective is to
create material value for its stakeholders through oil exploration,
appraisal and development activities in high impact, highly
prospective conventional assets, in the USA; a highly established
region for energy production with infrastructure, skilled personnel
and low sovereign risk. All operations are onshore USA, with
drilling costs materially below that of offshore wells.
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
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END
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