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Highlights:

  • PANR raises GBP 16.25 million through placing and subscriptions at 21.15p per share
  • Company reduces outstanding convertible bond debt via share issuance totalling over 39 million shares
  • Pantheon’s shares trading at GBX 21.91 on July 7, down 10.93% following the funding announcement

Pantheon Resources Plc (LSE:PANR), an oil and gas company focused on assets in Alaska’s North Slope, has raised approximately GBP 16.25 million (before expenses) through a combination of placing and direct subscriptions of new ordinary shares. The funding round was priced at 21.15 pence per share and is expected to support near-term drilling, operational commitments, and preparation for a planned U.S. stock exchange listing targeted for late 2025 or early 2026.

The capital raise was structured through both a placing ("Placing") and direct investor subscriptions ("Subscription"). The placement was managed by Oak Securities, Canaccord Genuity Limited, and Zeus Capital Limited as joint bookrunners. The issuance of shares to new investors includes placing shares, subscription shares, and shares issued as part of Pantheon’s ongoing debt management activities.

In addition to the capital raised, Pantheon has engaged in several debt restructuring steps. The holder of the 2021 Convertible Bond has participated in the Placing with a GBP 3 million investment. Concurrently, the company agreed to prepay two remaining amortisation payments under the 2021 bond originally due in March and June 2026 via the issuance of 16,976,514 ordinary shares. Following this prepayment, the remaining outstanding principal on the 2021 Convertible Bond will stand at GBP 4.9 million.

The company has also acted to reduce the outstanding balance on its 2025 5% convertible bonds due 2028. A total of GBP 6.5 million of these bonds were redeemed through the issuance of 22,519,865 ordinary shares. After this transaction, the outstanding balance of the 2025 bonds has been reduced to GBP 28.5 million.

All newly issued shares including those related to the Placing, Subscription, 2021 Convertible Bond, and 2025 Bond redemptions will be fully paid and rank equally with existing shares in terms of dividend rights and shareholder entitlements.

Application for admission of these new shares to trading on AIM has been submitted, with admission expected on or around 11 July 2025. This timeline is contingent upon several conditions, including effective admission and receipt of the Subscription proceeds. 

As a result of the new share issuances, Michael Spencer and IPGL are expected to hold more than 8% of the enlarged share capital of the company. A regulatory notification confirming this is expected after the admission of all new ordinary shares is completed.

Pantheon Resources is developing the Kodiak and Ahpun oil and gas projects, both located in Alaska’s North Slope region and near existing pipeline and infrastructure networks. The company has been pursuing a financing strategy aimed at maintaining liquidity more than operational and development obligations.

The proceeds from the latest fundraise will support drilling activities at the Dubhe-1 appraisal well, development planning for Ahpun, and commercial efforts related to gas monetisation. The company is also using the funding to prepare for a potential U.S. stock market listing, which it is aiming to complete by late 2025 or early 2026, depending on market conditions.

As of July 7, 2025, Pantheon’s shares were trading at GBX 21.91, reflecting a decline of 10.93% on the day.