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Panthera Resources PLC   -  PAT   

First Tranche of Galaxy Funding

Released 07:00 19-Feb-2019

RNS Number : 4030Q
Panthera Resources PLC
19 February 2019
 

19 February 2019

 

Panthera Resources Plc

("Panthera" or "the Company")

First Tranche of Galaxy Funding Confirmed

Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce that the initial US$250,000 of funding from Galactic Gold Mines Private Limited ("Galaxy") has been received.

Following extensive technical and legal due diligence by its team in India, Galaxy agreed to purchase a 10% stake in Panthera's 100% owned subsidiary, Indo Gold Pty Ltd. ("IGL"), for US$1.25m and earn additional equity by providing ongoing support and services to advance the Bhukia JV project in Rajasthan, India. Further details are in the announcement dated 20 December 2018.

Galaxy agreed to purchase the 10% interest in IGL in two 5% stages. In the first stage a 5% stake is to be purchased for US$500,000 consisting of two payments. The payment just received was the first of two US$250,000 payments, with the next amount due before 31 March 2019. 

The second 5% stake is due to be purchased for US$750,000 prior to the re-commencement of exploration (now expected mid- to late-2019).

 

Enquiries

Panthera Resources PLC

Geoff Stanley (CEO)                                           +1 (917) 941 7704

 

Nominated Advisor and Broker

RFC Ambrian                                                      +44 (0) 20 3440 6800

Rob Adamson                                   

Bhavesh Patel

Charlie Cryer

 

Market Abuse Regulation (MAR) Disclosure

The information communicated in this announcement includes inside information for the purposes of Article 7 of Regulation 596/2014


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First Tranche of Galaxy Funding - RNS