Panthera Resources PLC Extension to Galaxy Partnership (2115Q)
June 17 2020 - 2:32AM
UK Regulatory
TIDMPAT
RNS Number : 2115Q
Panthera Resources PLC
17 June 2020
17 June 2020
Panthera Resources Plc
("Panthera" or "the Company")
Extension to Galaxy Partnership
Panthera Resources plc (AIM: PAT), the gold exploration and
development company with assets in India and West Africa, is
pleased to announce that it has entered into a new term sheet which
extends the partnership entered into with Galaxy Gold Mines Pvt
Limited ("Galaxy") as announced on 20 December 2018.
Unless further extended, the new term sheet with Galaxy will
terminate on 16 December 2020.
Background
On 20 December 2018, the Company announced that Indo Gold Pty
Ltd ("IGL"), a subsidiary of Panthera, had entered into a binding
term sheet with Galaxy. The term sheet provided for:
1. The staged investment by Galaxy into IGL;
2. Galaxy providing administrative, legal, permitting and
technical support in India that will allow it to potentially earn
up to an additional 12% equity in IGL upon achieving certain
success hurdles in the lead up to the commencement of mining at the
Bhukia Project;
3. Galaxy, at IGL's election, may earn additional equity through
providing drilling and logistic services upon the re-commencement
of exploration at the Bhukia Project; and
4. IGL and Galaxy collaborating towards the potential listing of
the Bhukia Project on the Bombay Stock Exchange.
Pursuant to the agreement with Galaxy, Galaxy has completed an
initial investment of US$500,000 in IGL for a 5% interest. In
addition, Galaxy has the option to invest a further US$750,000 in
IGL, prior to the re-commencement of exploration at the Bhukia
Project, for a further 5% interest.
The present ownership of IGL comprises 95% held by Panthera and
5% held by Galaxy.
Further details of the agreement with Galaxy are detailed in the
announcement on 20 December 2018.
Mark Bolton, Managing Director said "The Company's efforts, with
the support of Galaxy, to secure the prospecting licence covering
the Bhukia Project continue to gain momentum. In addition to
providing relief for the impact of the Covid-19 on these
activities, the extension reaffirms both parties commitment and
belief that this key objective will be achieved."
Enquiries
Panthera Resources PLC
Mark Bolton (CEO) +61 (0) 411 220 942
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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END
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