Panthera Resources PLC on Wednesday announced that it will issue new shares to finance its activity in India and west Africa.

The gold exploration and development company said it arranged an equity capital fundraising with new and existing investors for around £785,000 via issuing and placing a total of 15.7 million new shares at a price of 5 pence each.

The proceeds from this agreement are intended to contribute towards the development of its gold projects in India and West Africa, while also helping the company meet its working capital commitments.

5.2 million of these new shares will be placing shares, while 10.5 million will be subscription shares.

In addition, Panthera will issue 780,000 new ordinary shares to certain advisors to settle fees. Novum Securities, acting as broker in this arrangement, will receive 312,000 options, while Panthera will issue 180,000 to Allenby Capital Ltd as part of a fundraising commission for the investors introduced by Allenby to the subscription service.

Upon admission, the company’s combined share capital will consist of 171.0 million ordinary shares with one voting right each.

Panthera shares fell 5.9% to 5.17 pence each in London on Wednesday afternoon.

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