Panther Metals PLC (LON:PALM) said it achieved the first stage in the process of pursuing a listing of its Australian assets on the Australian Securities Exchange with the completion of a pre-IPO seed financing raising AU$300,000 (£167,000).

As a result of the financing, the interest of Panther in its subsidiary, Panther Resources Ltd, has reduced from 100% to 89.3%, said the exploration company.

READ: Panther Metals plans to list Australian assets on ASX

“We are very pleased to announce this first significant step in the process of seeking an ASX listing for Panther Australia,” said Darren Hazelwood, chief executive of Panther Metals.

“The pre-IPO fundraise was always expected to be step in the process which would validate the proposition and we are confident that the listing will now proceed to ultimate completion,” he added.

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