StockMarketWire.com - Mining company Pantheon Resources said it had entered into a short-term draw down facility of $1.5 million with an existing shareholder.

The company noted that it must complete either a farmout or funding in the fourth quarter to have sufficient resources for an anticipated winter drilling and testing campaign, and for ongoing working capital.

'The company is actively engaged in negotiations for a potential farmout, as well as other options to ensure Pantheon is funded for these operations,' it said.

'The company is optimistic about completing its financing objectives this quarter, in line with guidance. Naturally, there can be no guarantees of a successful outcome.'

'In the interim, to minimise the potential for disruption or delay to the anticipated operations, Pantheon has entered into the short term facility.

It carried an interest rate of 10% per annum on amounts drawn down, and could be repaid in full at any time.


Story provided by StockMarketWire.com