Last checked at 17 Jul 2023 08:07
17 July 2023
Panthera Resources Plc
("Panthera" or the "Company")
Arbitration Financing Update
Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, provides an update on Indo Gold Pty Ltd's conditional Arbitration Funding Agreement (the "AFA") for up to US$10.5 million in litigation financing with LCM Funding SG Pty Ltd ("LCM"), as originally announced by the Company on 28 February 2023.
Most recently, on 3 July 2023 the Company announced, amongst other matters, that it had agreed to an extension to 14 July 2023 to allow LCM to complete its detailed due diligence (the "LCM Due Diligence").
The Company continues to work closely with LCM to progress the due diligence. In this regard, the Company and LCM are in discussions in relation to potentially further amending the terms and conditions of the AFA to reflect any settlement in-kind from the Bhukia Project dispute (the "Proposed AFA Amendment"), such as the grant of a licence. As a result, the Company confirms that it has agreed to a further extension to the LCM Due Diligence period to 28 July 2023.
Following the successful completion of the LCM Due Diligence, the parties can then move to complete a Funding Confirmation Notice. There can be no assurance that the LCM Due Diligence will be completed to LCM's satisfaction nor that the parties will reach an agreement in relation to the Proposed AFA Amendment.
In addition to pursuing a potential claim against the Republic of India for breaches of its obligations under the Australia-India Bilateral Investment Treaty, the Company continues to pursue an amicable resolution of the dispute and the grant of the Bhukia Prospecting Licence.
Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Company's announcement on 28 February 2023.
Contacts
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser & Joint Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek Bhardwaj (Corporate Finance)
Kelly Gardiner / Stefano Aquilino (Sales & Corporate Broking)
Novum Securities Limited (Joint Broker) +44 (0) 20 7399 9400
Colin Rowbury
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UK Market Abuse Regulation (UK MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Forward-looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
**ENDS**