Panther Metals PLC - Isle of Man-based company focused on mineral exploration in Canada and Australia - Acquires 1,128 claims in Obonga greenstone belt in Ontario, Canada. Claims amount to 88% coverage of project. Panther adds: "It is a highly prospective setting for the formation of orogenic shear-hosted gold deposits, volcanogenic massive sulphide copper-lead-zinc-silver deposits, komatiite/ultramafic associated nickel-copper-platinum group metal deposits and porphyry style base metal mineralisation."
Deal for 80 of the claims sees sellers Broken Rock Resources Ltd get initial CAD50,000, about GBP28,842, 228,925 Panther shares - worth about GBP30,000 - and deferred consideration. Deferred consideration consists of four tranches of CAD30,000 and CAD250,000 payable on fifth anniversary date of acquisition. Panther also to pay a 1.5% net smelter royalty. "The royalty applies to all 1,128 claims consisting the Obonga project with a provision for a future 1.5% NSR royalty on 1,048 claims staked by Panther in the event Panther meets certain exploration commitments but elects not to progress with exploration," company adds. It can reduce the 1.5% to 1.0% by paying CAD3.0 million.
Current stock price: 13.50 pence, up 5.9% on Monday
Year-to-date change: down 10%
By Eric Cunha; ericcunha@alliancenews.com
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Panther Metals (PALM)