Pan Andean has raised £3.75 million sterling (€5.9 million) in a placing of 17 million new ordinary shares at 22p per share. The placing represents 26 per cent of the enlarged equity.

Existing shareholders will be given the opportunity to subscribe to 4.4 million new shares at the same price on the basis of one new share for every 11 held. This will raise a further £961,138.