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Pantoro Limited (ASX: PNR) has raised A$75 million in an institutional placement.
The Placement was announced in conjunction with an all scrip merger of Tulla Resources Plc and Pantoro.
Proceeds from the Placement will be applied to support the final stages of ramp-up of the Norseman Gold Project, invest in exploration and Ore Reserve growth, provide appropriate ongoing liquidity and working capital, for debt.
Pantoro is pleased to confirm advanced discussions with Tulla Resources Plc ( ASX:TUL ) (Tulla ) for the consolidation of the Norseman Gold Project into a single entity, with both parties negotiating to complete a binding term sheet.
Norseman to be the major focus for Pantoro going forward with other assets to be exited or capital spend reduced.
Operational review complete and capital development to be suspended pending improvement in market operating