Pantheon Resources (GB:PANR) has released an update.
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Pantheon Resources plc successfully completed an oversubscribed fundraising round, raising approximately $29 million to augment its oil and gas ventures in Alaska’s North Slope, including the promising Megrez-1 well. The capital will be utilized for data acquisition, potential long-term production tests, and general corporate purposes. The fundraising included issuing over 132 million new shares and garnered strong support from investors, reducing the convertible bond balance significantly and marking a strategic advance for the company.
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