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(Sharecast News) - Pantheon Resources announced on Wednesday that it has granted Sun Hung Kai and its affiliates the option to increase their investment in its previously-announced senior convertible bond issue to $35m.
The AIM-traded company initially agreed to issue between $30.5m and $35m in convertible bonds due in March 2028, with Sun Hung Kai acting as the lead investor.
It said the investment option would be exercisable until 1700 on 28 February, after which it would lapse if not taken up.
If exercised, all terms of the bonds would remain unchanged from those announced on 20 February.
Any additional funds raised would be allocated to working capital, expenses, and general corporate purposes.
Pantheon, which holds 100% working interests in projects on Alaska's North Slope, said it would make a further announcement if the investor elected to increase its commitment.
"Today's announcement shortens the period of uncertainty about the total size of the convertible bond and allows us to fully focus on the start of flow testing in the Megrez-1 well," said chairman David Hobbs.
At 1044 GMT, shares in Pantheon Resources were down 5.56% at 58.46p.
Reporting by Josh White for Sharecast.com.
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