Pantoro increases share purchase plan to $5.5 million after receiving strong interest from shareholders

Pantoro Limited (ASX:PNR) (FRA:RKN) has increased its share purchase plan (SPP) to $5.5 million from the initial target of $5 million after receiving strong interest from its shareholders.

The SPP, which closed on 26 August 2020, received valid applications totalling around $7 million.

Scale-back of applications[hhmc]

The company said it will scale back the applications to a total of $5.5 million.

This will see shareholders receiving about 80.6% of the shares they had applied for.

The new fully paid ordinary shares under the SPP are expected to be issued on September 2 2020 at an issue price of 24 cents each.

Placement of $50 million[hhmc]

Earlier in August, Pantoro received firm commitments from sophisticated and professional investors for a shares placement to raise about $50 million.

The total of funds raised from the placement and the SPP will go towards: >Read More – Source

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