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Everything we already know but highly encouraging and now waiting patiently for the high court hearing. Gl :-)
The change of Government in the State of Rajasthan (State Elections, December 2018) and the General Elections (May 2019) necessitated a hiatus in negotiations with the Government. With elections behind us and with the support of Galaxy, negotiations have reopened with the new administration in Rajasthan and we are optimistic of soon arriving at an agreement that will see the grant of the PL and allow exploration to recommence.
Great News, Pat has made a good choice to let one of our main supporters and financial backers in at a good price equal to that of Galaxy, keeps both sets of financiers on an een keel, bodes well for future funding , just means ive got to buy a few more to retain my 1% share holding,
GLA LTH Tick Tock, ill be adding in the next few dasy and weeks
an immediate capital injection of £500,000 at 10 pence per share....Gla ;-)
Accordingly, despite the acceleration of part of the RIM Tranche 3 financing, Panthera remains well situated with respect to future funding to rapidly recommence exploration at Bhukia upon grant of the required PL. The combination of the future Galaxy investment and the RIM Tranche 3B financing will provide approximately A$2.6m (US$1.8m, GBP £1.3m) at the appropriate time to begin drilling out Bhukia's 6.7Moz exploration target as defined by the Geological Survey of India.
The 5,000,000 New Ordinary Shares are expected to be admitted to trading on AIM on or around 21 August 2019. Following the issue of the New Ordinary Shares, the number of Ordinary Shares in issue in the Company will increase to 72,605,556.
For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued Ordinary Share capital of Panthera following this allotment consists of 72,605,556 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Panthera under the DTRs.
Panthera Resources (PAT)
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Thursday 08 August, 2019
Republic Investment Financing Restructured
RNS Number : 3195I
Panthera Resources PLC
08 August 2019
8 August 2019
Panthera Resources Plc
("Panthera" or "the Company")
Republic Investment Management (RIM) Financing Restructured
Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce it has negotiated a restructuring of the previous agreed financing package with RIM, which will result in an immediate capital injection of £500,000 at 10 pence per share. The Company has agreed to issue 5,000,000 New Ordinary Shares to RIM and its co-investors.
· The previously agreed RIM financing will be restructured to split the Tranche 3 capital injection into two separate investment tranches.
· Tranche 3A will be invested immediately for gross proceeds of £500,000 at 10 pence per share. The payment timing for Tranche 3B will be made (as previously agreed) upon receipt of approvals to recommence exploration at the Bhukia JV project in India. Tranche 3B is now to be priced at a 15% discount to the 20 day VWAP at that time.
· This financing is a prudent move to sure up the company's balance sheet in response to delays to the permitting of the Company's Bhukia JV in India.
Geoff Stanley, Managing Director said "Panthera Resources has worked diligently to negotiate multiple financing options that are integrated with its project development requirements, particularly as they relate to India. This successful financing is an excellent example of the success that can be achieved with supportive shareholders who share the Company's vision for value creation."
The RIM Tranche 3 financing was originally intended to provide initial funding for the recommencement of exploration drilling at the Bhukia JV upon grant of the prospecting licence (PL) and necessary environmental and forestry permits. The original Tranche 3 size was A$2.7m (£1.5m). As the PL grant has been further delayed, but protected by a Court Order, Panthera's capital budgeting has been negatively affected, necessitating this capital raise.
Additionally, subsequent to the original RIM financing, Panthera finalised a transaction with Galactic Gold Mining Pvt Ltd (Galaxy) in December 2018, which is also designed to provide funding for the recommencement of exploration at Bhukia. Galaxy has currently invested US$500,000 and the agreement requires Galaxy to invest a further US$750,000 to purchase another 5% stake in Panthera's Indian operating company, Indo Gold Pty Ltd.
Accordingly, despite the acceleration of part of the RIM Tranche 3 financing, Panthera remains well
1500 dollar Ounce Breached today, way faster than I anticipated, 6 year High and like to go higher ,IMO
GLA LTH PAT should benifit and re-rate massively on the permit news, TICK TOCK
Reaching 6year highs , only bodes well for PAT going forward and the rest of the gold listed companies, if it keeps going as expected by many Analysts 1500 will be breached over the coming weeks
GLA LTH Tick Tock
What is clogging up India’s district courts?
24 Jul 2019, 10:30 PM IST Sriharsha Devulapalli, Vishnu Padmanabhan
A shortage of judges is behind the increasing backlog of cases in lower courts across the country, according to National Judicial Data Grid records
New Delhi: India's slow wheels of justice are slowing down the economy. Such is the magnitude of the problem that the last two economic surveys authored by two different chief economic advisers have dedicated entire chapters to it. Much of the discourse around India’s pendency problem focus on the delays in high courts and the Supreme Court. Delay in these courts matter because they deal with high-profile cases but the root of the problem lies in India’s lower courts. Nearly 90% of all pending cases in the country come from India’s lower courts (district and subordinate courts) which are the first port-of-call for most legal disputes.
As part of a broader effort to digitize court records, the Supreme Court launched the National Judicial Data Grid (NJDG) in 2015 to track judicial performance across different courts in the country. Among original cases (i.e., new cases registered at the courts), more than half the cases (56%) in India’s lower courts are disposed of within a year, the database shows. Much of this is because around half the cases registered in courts are either dismissed without trial (21%), transferred to another court (10%), or settled outside the court (19%).
To improve this infrastructure, the 2018-19 Economic Survey recommends creating a specialized service called the Indian Courts and Tribunal Services (ICTS) which would provide critical administrative support to Indian judges. This, the surveys argue, would allow judges to devote time to judicial activity while the ICTS could focus on streamlining processes and reducing case-related delays.
Such a quiet day? Have I missed something here? Why no trades or SP movement?
RNS never said October?? Implied a fast new date
Going by L2, there's probably some large sells yet to be declared. No chance of closing above 10p will be nearer to 7p - why would anyone buy now, there's over 2 months before the case will even be heard?
"Large late reported sells going through - I'd say sub 7p is coming in the next week or so. "
Geng, since these late reported sells took place, almost all the trades afterwards were buys at 9.5 or above. SP atm is under all sp moving average rates so I think it will bounce back up by the weekend and settles somewhere between 10-11p
well we will see, im not bothered either way , i hold a huge amount of stock average 3-4p, so can wait patiently until its resolved , even adding more if it drops below the 8-9p range,
GLA LTH Could do with an update on the other assets , keep the interest going over the next few weeks
Large late reported sells going through - I'd say sub 7p is coming in the next week or so.
Put the money elsewhere and wait for the next rise nearer to October
I told moneymuch this will happen, hearings deliberately delayed.
Nice buys going through , sp about to tick up ?
11:44:12 9.50 100,000 9,500
11:29:25 9.50 15,000 1,425
10:26:15 9.966 74,965 7,471
11:25:50 9.50 10,000 950.00
11:25:37 9.50 10,000 950.00
11:25:32 9.50 9,000 855.00
11:24:57 9.50 9,947 944.97
11:23:22 9.50 9,874 938.03
11:22:46 9.50 10,000 950.00
11:22:24 9.26 16,133 1,494
Again very dissapointing, to hear we are not to have our case heard, now wait till Mid October?, virtually wipes out another year, i would like Geoff to add wether he has heard any update from the GOR regading if they have still not had any objections??, lets hope we hear something on our assets in the meantime,
GLA LTH the Boom will have to wait another couple of months,
High Court of Rajasthan- Rajasthan High Court Principal Seat Jodhpur
Rajasthan High Court Principal Seat Jodhpur
Case DetailsCase Type: CW
Filing Number: 36276/2018Filing Date: 01-09-2018
Registration Number: 13521/2018Registration Date: 05-09-2018
CNR Number: RJHC01-060720-2018
First Hearing Date:
Next Hearing Date: 18th October 2019
Stage of Case: FOR ADMISSION - NOTICE SERVED
Coram: 1645Bench: Single BenchState: RAJASTHANDistrict: BanswaraJudicial: M/B WRIT SECTIONCauselist Name: Daily
Petitioner and Advocate1) METAL MINING INDIA PVT. LTD.
Advocate- VIKAS BALIA DINESH PAL SINGH CHARAN,ASHOK CHOUDHARY,PRAMOD VYAS
Respondent and Advocate1) STATE OF RAJASTHAN
Advocate -SANDEEP SHAH
3) UNION OF INDIA
Grrrrrr....a bit more Tick Tock until Booooooooom!!! Gla :-)
again unfortunate that we have been delayed again,
GLA LTH Sort it out Geoff!!!!
FFKS INDIANS are lazy fookers
there is a slight fall back is down to a few nervous holders, just need a bit of patience and we will see what the next couple of hours brings, im still very hopwefull we will get a BOOM RNS , anytime soon,
GLA LTH A few small trades the MMs dont know how to react, wait till the real news lands,!!!!!!!
indeed plus spread has widened, false drop .... MM shakedown
if there was some big sells then yea true but this is just bored PIs getting out because RNS has not landed yet their mistake
on little piddly little sells no chance, shake down before RNS