Pantheon Resources PLC Quarterly Repayment of Unsecured Convertible Bonds (7500J)
December 14 2022 - 11:00AM
UK Regulatory
TIDMPANR
RNS Number : 7500J
Pantheon Resources PLC
14 December 2022
14 December 2022
Pantheon Resources plc
Quarterly Repayment of Unsecured Convertible Bonds
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 adjacent and near to transportation and
pipeline infrastructure on the Alaska North Slope, announces that
it has elected to pay (i) the quarterly principal repayment of
US$2.45 million and (ii) the interest payment of US $ 0.4165
million (collectively, the "Quarterly Repayment") in respect of its
senior unsecured convertible bonds due 2026 (the "Convertible
Bonds") , through the issuance of new shares. Pursuant to the terms
of the Convertible Bond agreement, a total of 3,276,374 new
ordinary shares (the "New Ordinary Shares") will be issued in
settlement of this Quarterly Repayment. Application has been made
to AIM for the admission to trading of the 3,276,374 New Ordinary
Shares which is expected on 20(th) December 2022 ("Admission").
After settlement of the Quarterly Repayment, the principal
remaining under the Convertible Bond will be reduced by US$2.45
million to US$39.20 million.
The Company's enlarged issued share capital admitted to trading
on AIM immediately following Admission will consist of 778,307,724
ordinary shares. The aforementioned figure of 778,307,724 ordinary
shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, Pantheon under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
-Ends-
Further information:
Pantheon Resources plc
Jay Cheatham, CEO +44 20 7484 5361
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor, James Asensio, Gordon
Hamilton +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld +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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