Panthera Resources PLC - gold exploration and development company with assets in West Africa and India - Enters binding agreement to sell all of its shares in Anglo Saxony Mining Ltd for GBP1.2 million at a price of 0.12 pence per share. Notes Panthera valued its investment in ASM at 0.08p per share as at March 31, 2020, so the sale prices is a 50% premium. ASM owns the Tellerhauser underground mine in Saxony, Germany. Panthera says cash from the disposal will be used to accelerate activity at Panthera's west Africa assets.
"Panthera has shared a long history with ASM, having initially been involved in securing the licence and then retaining a minority stake in the company. In ASM's lead-up to its planned IPO, we have taken the opportunity to dispose of this non-core asset and reallocate the funds to our highly prospective gold portfolio in West Africa, which are the focus of our current operational activity. Importantly, the USD1.6 million cash proceeds further strengthen Panthera's balance sheet and will allow us to accelerate our operational activity without the need for further shareholder dilution from the issue of additional shares," says Managing Director Mark Bolton.
Current stock price: 18.85 pence, up 11% on Friday
Year-to-date change: down 43%
By Zoe Wickens; zoewickens@alliancenews.com
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Panthera Res. (PAT)