PNR - Pantoro boosts capital raise to $100 million for Norseman Project expansion

(NewsDirect)

Pantoro Ltd (ASX:PNR) managing director Paul Cmrlec sits down withProactive’s Jonathan Jackson to chat about the increase of itsinstitutional placement by 13.64% to $100 million due to high demandfrom new and existing, domestic and international institutionalinvestors. This financial backing will support Pantoro's growthinitiatives, including the development of the Scotia Underground Mineat the Norseman Project in Western Australia. Originally planned at$88 million, the increase will specifically help restructure thecompany's balance sheet and accelerate growth operations at theNorseman Project. The raised funds will be used to close out a US$29.6million Term Loan Facility with Nebari Partners LLC, savingapproximately A$18.5 million in principal and interest payments duringFY25. Additionally, the funds will support accelerated exploration anddrilling to establish a third high-grade underground mine and commencestudies for the Norseman Mainfield's mining reactivation. Thissite historically produced about 3 million ounces and was amongAustralia’s highest-grade goldfields. Development at the ScotiaUnderground Mine is advancing, with significant progress in siteintegration and operational efficiencies. This development is poisedto make the Scotia mine the primary ore source by end of 2024.

ContactDetails

Proactive Investors

JonathanJackson

+61 413 713 744

jonathan@proactiveinvestors.com

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