Pantages Capital Acquisition (PGAC) is a SPAC — a publicly traded shell company with no operations, revenue, or employees, formed solely to merge with a private company and take it public. Pantages raised $86.25M in its IPO in December 2024 by selling units at $10.00 each, with proceeds held in trust invested in U.S. Treasuries until a deal closes. Pantages has agreed to merge with MacMines Austasia, an Australian mining company holding a Queensland mining lease application, with the combined entity to be renamed Horizon Mining. The deal was signed in November 2025, and Pantages has until June 2026 to close or it must liquidate and return trust funds to shareholders. The sponsor received founder shares at minimal cost that convert to equity in the combined company if a deal closes, creating a strong incentive to complete a transaction. Public shareholders retain the right to redeem shares for approximately $10.00 plus accrued interest at deal close, limiting downside. The proposed target, MacMines Austasia, is a pre-production mining venture with no revenue of its own. To limit the risk of large redemptions draining the trust, Pantages restricts any single shareholder from redeeming more than 15% of IPO shares without prior consent.