Pantheon Resources PLC Announces Quarterly Repayment of Unsecured Convertible Bonds

Rhea-AI Summary

Pantheon Resources (PTHRF), an AIM-quoted oil and gas company operating on the Alaska North Slope, has announced its quarterly repayment of unsecured convertible bonds through share issuance. The company will issue 3,629,122 new ordinary shares to settle a total payment of US$2.597 million, comprising US$2.45 million in principal and US$0.147 million in interest.

The convertible bonds, originally issued in December 2021 to Heights Capital Ireland , are due June 2026. Following this repayment, the remaining principal on the convertible bonds will be reduced to US$12.25 million. The new shares are expected to be admitted for trading on AIM around March 20, 2025, bringing the company's total issued share capital to 1,142,998,513 ordinary shares.

Positive

• Reduction of convertible bond debt by $2.45 million

Negative

• Shareholder dilution through issuance of 3,629,122 new shares

LONDON, GB / ACCESS Newswire / March 17, 2025 / Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas company with 100% working interests in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announces that it has elected to pay (i) the quarterly principal repayment of US$2.45 million and (ii) the quarterly interest payment of US$0.147 million (collectively, the "Quarterly Repayment") in respect of its senior unsecured convertible bonds issued in December 2021 to a fund advised by Heights Capital Ireland LLC, and due June 2026 (the "Convertible Bonds"), through the issuance of new shares. Pursuant to the terms of the Convertible Bond agreement a total of 3,629,122new ordinary shares (the "New Ordinary Shares") will be issued in full settlement of this Quarterly Repayment. Application is being made to AIM for the admission to trading of the 3,629,122New Ordinary Shares which are expected to admit on or around 20^th March 2025 ("Admission").

After settlement of the Quarterly Repayment, the principal remaining under the Convertible Bond will be reduced by US$2.45 million to US$12.25 million.

Total Voting Rights

Immediately following Admission, the Company's enlarged issued share capital admitted to trading on AIM will consist of 1,142,998,513 ordinary shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure of 1,142,998,513 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

-ENDS-

Further information:

UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
contact@pantheonresources.com

Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000

Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204

USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us

IMPORTANT INFORMATION

This Announcement is released by Pantheon Resources plc and contains inside information for the purposes of Article 7 of UK MAR. It is disclosed in accordance with the Group's obligations under Article 17 of UK MAR.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Pantheon Resources PLC

View the original press release on ACCESS Newswire

FAQ

What is the current remaining principal on PTHRF's convertible bonds after the quarterly repayment?

After the quarterly repayment, PTHRF's convertible bond principal will be reduced by $2.45 million to $12.25 million.

How many new shares will PTHRF issue for the Q1 2025 convertible bond payment?

PTHRF will issue 3,629,122 new ordinary shares to settle the quarterly repayment.

What is the total amount of PTHRF's quarterly convertible bond payment in March 2025?

The total quarterly payment is $2.597 million, consisting of $2.45 million in principal and $0.147 million in interest.

When will the new PTHRF shares be admitted to trading on AIM?

The new shares are expected to be admitted for trading on AIM around March 20, 2025.