LONDON (ShareCast) - (Sharecast News) - Alaska-focussed oil and gas company Pantheon Resources said on Wednesday that its equity fundraise was "significantly oversubscribed" and, having taken into account the strong support from existing and new investors, it had decided to increase its size to $38m.
The AIM-traded firm said that in addition, $3m was raised through the retail offer.

As a result, total gross proceeds of about $41m had been raised, with a total of 47,637,583 new shares placed and subscribed for at a price of 65p each.

The company said the additional funds raised would be used on further development of its asset portfolio, which could include additional drilling, testing and completion, and the strengthening of its balance sheet ahead of future farm-out or financing negotiations.

In addition, Pantheon said it intended to increase the principal amount of the convertible bonds to $55m from $50m under the terms of the bond documents.

The issue of the convertible bonds was expected to be completed on the business day following admission at the latest.

As part of the placing, the convertible bond investor increased its subscription to $3m.

At 1534 GMT, shares in Pantheon Resources were down 9.75% at 68.5p.

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