Pantheon Resources PLC on Friday announced it secured $29 million from its Fundraise and Retail offer.

Pantheon is an oil and gas company, which is focused on developing the Ahpun and Kodiak onshore oil fields in Alaska.

Pantheon said 132.5 million new shares were placed and subscribed for at 17 pence each, brokered by Canaccord Genuity Limited and Zeus Capital Limited.

Pantheon shares were down 13% to 17.14p per share in London on Friday afternoon.

The firm said it will use additional funds raised in the fundraise for data acquisition and further development of its asset portfolio.

Executive chair David Hobbs commented: ‘We are reassured by the overwhelming demand in this fundraising, but we also value the strategic benefit of strengthening our hand in ongoing funding and commercial negotiations’.

Copyright 2024 Alliance News Ltd. All Rights Reserved.