LONDON (Alliance News) - Panthera Resources PLC said Monday it has received documents forwarded by Galactic Gold Mines Pvt Ltd confirming it has begun to transfer its second tranche of funds.
Shares in the gold exploration and production firm were up 11% at 9.98 pence in afternoon trade.
At the start of May, Panthera's shares dropped after a payment from Galactic was delayed. The first USD250,000 payment was made in February after Galactic agreed to acquire a 10% stake in a Panthera subsidiary for USD1.3 million.
The second tranche, another USD250,000, was due at the end of March but was delayed by administrative issues relating to India's financial year and the recent election.
"Panthera has received documents forwarded by [Galactic] confirming that electronic transfer of its second tranche of funds has been initiated following receipt of all necessary overseas direct investment approvals," said Panthera.
Panthera Res. (PAT)