DRILLING

Panax calls on shareholders for cash

PANAX Geothermal is turning to shareholders to raise about $9.3 million to go towards the drilling of its Salamander-1 deep production well at the Penola project in South Australia and for extra working capital.

Marija Stojkovic

The company said the equity raising will be completed in two separate components - a placement and accelerated institutional entitlement offer to raise up to $6.5 million and a retail entitlement offer...

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