Shares in Panther Metals (PALM ) rose by nearly 9% in late trade on Friday, after the company announced it is raising £2.2 million via a Canadian flow-through placing which is expected to close on 16th October.
The money raised will be used to fund exploration across Panther’s portfolio of Canadian assets, in particular at Wishbone and Obonga, and to complete the final requirements for the company’s long-mooted CSE listing.
"Panther Metals is the first solely UK-listed company to look to execute a Canadian flow-through financing,” said Panther’s chief executive Darren Hazelwood.
“This is a significant achievement for the company and opens a new funding gateway where the subscription premium to market available through flow-through capital can benefit both our shareholders and our corporate funding strategy.”
Panther will issue 980,398 flow-through units at an issue price of C$4.24, or £2.26 per unit, to institutional, professional and sophisticated investors.
Each unit is comprised of one ordinary share and one-half of a warrant, exercisable at £2.67 for a period of 36 months following the closing date.
The issue price represents a 24% premium to the last closing price of Panther ordinary shares on the LSE as of 7 October 2026.
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Flow-through shares refer to the ordinary shares issued to investors under an agreement with the investors whereby the company agrees to incur certain qualifying expenses on its assets in Canada, and to pass on the associated tax deductions to eligible investors. As a result, flow-through shares are issued at a higher price. All the same, Panther’s share price has been ticking up all year anyway and, following this latest news, now stands at four times the level it was at in December 2025. That’s not bad going, and speaks to the significant progress the company has made with its exploration, and at Winston.