Last checked at 4 Jan 2021 07:20
4 January 2021
Panthera Resources Plc
(Panthera or the Company)
Kalaka Extension
Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, announces that the Company has agreed with Moydow Holdings Ltd (Moydow) to extend the date for completion of the sale of the Kalaka gold project to Moydow, to 14 January 2021.
While substantial progress has been made, the extension of time is required due to the limited progress over the holiday period.
Background
On 22 July 2020, Panthera announced that it has entered into a conditional sale and purchase agreement (Agreement) to divest its interests in the Labola gold project in southwest Burkina Faso and the Kalaka gold project in southwest Mali to Moydow. Moydow agreed to issue three million shares (Share Consideration) and pay US$350,000 in cash as consideration for the divestment of Panthera's interest in the Labola and Kalaka projects. Part of the cash consideration in the amount of US$150,000 is deferred until 31 March 2021.
The transfer of Panthera's interest in the Kalaka project to Moydow remains in progress pending an internal corporate restructure by Panthera. On 26 November 2020, the Company advised that it had entered into a further variation agreement with Moydow, who have now advanced a further US$90,000 of the deferred consideration with the proceeds applied to the Kalaka IP survey in December 2020.
If the transfer of Panthera's interest in the Kalaka project to Moydow completes on or before 14 January 2021 (previously 31 December 2020), or such other date as agreed, Moydow will settle the remainder of the deferred consideration (US$60,000) and refund to Panthera the 2H 2020 historical costs on the Kalaka project, forecast at US$115,000, on completion.
Moydow may elect to waive any conditions, if any, to the transfer of Panthera's interest in the Kalaka project. If the transfer of the Kalaka project does not occur on or before 14 January 2021, unless extended, Panthera will retain its interest in the Kalaka project and 0.5 million of the Share Consideration will be rescinded.
Contacts
Panthera Resources PLC Mark Bolton (Managing Director)
| +61 411 220 942 contact@pantheraresources.com |
Financial Public Relations Vigo Communications Ltd Simon Woods Chris McMahon
|
+44 (0)20 7390 0230 |
Nominated Advisor and Broker RFC Ambrian Rob Adamson Bhavesh Patel Charlie Cryer | +44 (0) 20 3440 6800 |
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Qualified Person
The technical information contained in this disclosure has been read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Antony Truelove is the COO of Panthera Resources PLC.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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**