RE: RNS : November 2019 - Great Background Info14 May 2024 18:23
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RNS Number : 0389T
Panthera Resources PLC
12 November 2019
Panthera Resources Plc
("Panthera" or "the Company")
Rajasthan Writ Reply Filed and RIM Financing Complete
Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce that the Government of Rajasthan (GoR) has finally filed its reply to the Writ petition filed by Metal Mines India Pvt. Ltd (MMI) on behalf of the Bhukia Joint Venture (Bhukia JV). Additionally, Panthera has received the final tranche of its recently announced £500,000 financing from Republic Investment Management (RIM).
Highlights
· The GoR has finally filed its reply to the Bhukia JV's Writ Petition that was lodged in September 2018 bringing another government delay to an end.
· The GoR's reply raised no new matters and again relies on three weak arguments that have been repeatedly raised and previously rebuffed by multiple tribunals, committees and courts of India.
· Panthera will now prepare a rejoinder to the reply, which we anticipate will be lodged later this week, following which the matter will be up for final hearing and issuance of a judgement.
· While we are optimistic of a near term date for a final hearing, the current overloaded state of the Rajasthan High Court (Court) necessitates caution in setting expectations regarding a final resolution date.
· In other positive news, Panthera has received the final £100,000 of the recently announced £500,000 financing which was negotiated with Republic Investment Management (RIM) and priced at £0.10 per share.
Geoff Stanley, Managing Director said "We welcome the response from the GoR even though they are putting forward redundant, previously rebuffed arguments, as it finally allows the Company to file for a final hearing and bring this matter to a conclusion. With the way now clear for a final resolution to the permitting of the Bhukia project we are optimistic that exploration will soon recommence, and the 6.7 million ounces gold resource calculated by the Geological Survey of India (GSI) can be drill-confirmed and brought into alignment with the requirements for JORC and 43-101 compliance. The completion of the RIM financing will assist in maintaining a prudent balance sheet. "
Writ Petition Reply
The GoR has filed its long overdue reply to the Writ Petition filed with the Court by our JV partner, MMI. It is a disturbing fact that the reply took over a year from the filing of the writ petition and almost six months after the Court ordered the response to be submitted within four weeks. The GoR has now also filed an application to vacate the prevailing Stay Order, passed in the JV's favour, preventing the GoR from dealing with the area covered by our Prospecting License (PL) application.