Panther Metals (ASX:PNT) received firm commitments to raise roughly AU$685,000 through the placement of 52.7 million shares at AU$0.013 apiece, according to a Tuesday filing with the Australian bourse.
Investors will receive one free attaching unlisted option for every two shares issued under the offer, with an exercise price of AU$0.025 and a two-year expiry, pending shareholder approval, the filing said.
Proceeds will be used for further exploration at the Burtville East project and targeted drilling in the Laverton project, both located in Western Australia, according to the filing.
Shares rose nearly 7% in afternoon trade Tuesday.
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