REG - Panther Metals PLC - Notice of AGM

Panther MetalsAnnouncement

17/05/2024 07:00

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RNS Number : 8201O  Panther Metals PLC  17 May 2024

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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

17 May 2024

Notice of AGM & Proposed Share Consolidation

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, announces that it has posted a circular to shareholders (the
"Circular") containing notice of the Annual General Meeting (the "AGM") to be
held at 9.00 a.m. on 13 June 2024 at the offices of Orrick, Herrington,
Sutcliffe (UK) LLP at 107 Cheapside, London, EC2V 6DN, United Kingdom. In
addition to the usual business of the AGM, the Circular also details the
Board's proposal to consolidate the Company's share capital with the aim of
improving the marketability of the Ordinary Shares.

Extracts from the Circular in connection with the Share Capital Consolidation
can be found below. Capitalised terms in this announcement will have the same
meaning as set out in the Circular. Further announcements as to new ISIN and
SEDOL codes will be published in due course.

 

Expected Timetable of Principal Events

 

 Publication and posting of the Circular and the Form of Proxy to Shareholders  16 May 2024

 Latest time and date for receipt of completed Forms of Proxy and receipt of    9.00 a.m. on 11 June 2024
 electronic proxy appointments via the CREST system

 Time and date of the AGM                                                       9.00 a.m. on 13 June 2024
 Announcement of result of the AGM                                                              13 June 2024

 Record Date in respect of the Share Consolidation                              6.00 p.m. on 13 June 2024

 Admission expected to become effective and dealings expected to commence in    8.00 a.m. on 14 June 2024
 the New Ordinary Shares on Main Market

 CREST accounts expected to be credited in respect of New Ordinary Shares in    14 June 2024
 uncertificated form

 Expected date by which certificates in respect of New Ordinary Shares are to   within 10 business days of Admission
 be despatched to certificated Shareholders

 

Notes:

 

1.             Unless otherwise stated, all references to time in
the Circular and in the above timetable are to the time in London, United
Kingdom.

 

2.             Some of the times and dates above are indications
only and if any of the details contained in the timetable above should change,
the revised times and dates will be notified to Shareholders by means of an
announcement through a Regulatory Information Service.

 

3.             Events listed in the timetable above are
conditional upon, amongst other things, on the passing at the Annual General
Meeting of the Resolutions.

 

 

As at the date of this announcement, the Company has 92,822,307 existing
ordinary shares ("Existing Ordinary Shares") in issue, with a closing
mid-market price of 5.63 pence per Existing Ordinary Share (as at 14 May 2024,
being the latest practicable Business Day prior to the date of the posting of
the Circular). The Board believes that the share consolidation will improve
the marketability of the Ordinary Shares by way of a higher share price and
hopes to reduce volatility in the Company's share price by narrowing the
spread of its bid and offer price.

 

It is therefore proposed that the Existing Ordinary Shares of no par value are
consolidated on a 25 into 1 basis, such that every 100 Existing Ordinary
Shares are consolidated into 4 ordinary shares. Assuming a share capital of
92,822,307 Existing Ordinary Shares immediately prior to the record date
("Record Date"), following completion of the Share Consolidation, the Company
will have 3,712,892 new Ordinary Shares in issue ("New Ordinary Shares").

 

Application will be made to the London Stock Exchange for the 3,712,892 New
Ordinary Shares to be admitted to trading on the Main Market of the London
Stock Exchange and the Standard Segment of the FCA Official List, subject to
Shareholders passing Resolution 9 at the AGM and if such Resolutions are
passed, Admission in respect of such New Ordinary Shares will become effective
and that dealings in those New Ordinary Shares will commence on 14 June 2024.

 

No Shareholder will be entitled to a fraction of a New Ordinary Share.
Instead, their entitlement will be rounded down to the nearest whole number of
New Ordinary Shares. Remaining fractional entitlements to New Ordinary Shares
will be aggregated and sold on behalf, and for the benefit of, the Company. If
a Shareholder holds fewer than 25 Existing Ordinary Shares at the Record Date,
then the rounding down process will result in that Shareholder being entitled
to zero New Ordinary Shares and as a result of the Share Consolidation they
will cease to hold any Ordinary Shares.

 

The Board are recommending that shareholders vote in favour of all of the
resolutions being proposed at the AGM.

 

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:            +44(0) 1462
429 743

 
+44(0) 7971 957 685

Brokers:

Tavira Financial Limited

Christopher James Kipling
         +44(0) 203 833 3743

SI Capital Limited

Nick Emerson
                         +44(0) 1438 416 500

Axis Capital Markets Limited

Ben Tadd

Lewis
Jones
+44 (0)20 3026 0449

 

Notes to Editors

Panther Metals PLC is an exploration company listed on the main market of the
London Stock Exchange. Panther is focussed on the discovery of commercially
viable mineral deposits. The Company's operational focus is on established
mining jurisdictions with the capacity for project scalability. Drill targets
are assessed rapidly utilising a combination of advanced technologies and
extensive geological data to decipher potential commercial viability and act
accordingly. Panther's current geological portfolio comprises of three highly
prospective properties in Ontario, Canada while the developing investment wing
focuses on the targeting of nickel and gold in Australia.

Obonga Project

Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have
already identified five prospective primary targets: Wishbone, Awkward,
Survey, Ottertooth and Silver Rim. A successful Phase 1 drilling campaign at
Wishbone in Autumn 2021 revealed the presence of significant VMS-style
mineralised systems on the property - the first such discovery across the
entire greenstone belt. Intercepts include 27.3m of massive sulphide in hole
one, and 51m of sulphide-dominated mineralisation in hole two. Both drill
holes contained multiple lenses. Anomalous high-grade copper in lake sediment
close to the target area has also been identified, increasing confidence in
the prospectivity of the location.

Awkward is a highly anomalous magnetic target, interpreted to be a layered
mafic intrusion and magmatic conduit based on mapped geology and airborne
geophysics. Historic sampling in the area returned anomalous platinum and
palladium (Pt, Pd) values, while historic drilling on the periphery of the
target intersected non-assayed massive sulphide and copper (assumed to be
chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse
gabbro, and non-assayed 'marble cake' gabbro (matching the description of the
Lac des Iles Mine varitexture gabbro ore zone).

Two additional named targets, Survey and Ottertooth, both displays further
coincident magnetic and electromagnetic anomalies and are adjacent to the
contact between intrusive and extrusive mafic rocks. Historic drilling at
Survey intersected several meters of massive sulphides in multiple
intersections (main parts of the anomaly remain untested) while Ottertooth
remains untested in its entirety.

Dotted Lake Project

Panther Metals acquired the Dotted Lake Project in July 2020, it is situated
approximately 16km from Barrick Gold's renowned Hemlo Gold Mine. An extensive
soil programme conducted in 2021 identified numerous gold and base metal
targets, all within the same geological footprint. Following the installation
of a new trail providing direct access to the target location, an initial
drilling programme in Autumn 2021 confirmed the presence of gold
mineralisation within this system with anomalous gold continuing along strike
and present within the surrounding area.

Manitou Lakes Project

The Manitou Lakes gold project is located approximately 300km's east of
Thunder Bay, Ontario and covers a total area of around 98sq km's.

There are over 200 known gold occurrences on the Manitou Lakes project area
with the wider Eagle/Manitou Lakes greenstone belt hosting numerous historic
gold producers and is prospective for Archean age orogenic gold and associated
base metal deposits.

Exploration work conducted by Shear Gold on the Project to date has identified
numerous gold bearing structures and favourable geological host rocks through
early-stage mapping and surface sampling. The work has focussed on two target
areas, being the West Limb Gold Property and the Glass Reef Gold Property,
both of which host historic gold mines which have never been systematically
explored using modern techniques or drill tested

Fulcrum Metals Plc

Fulcrum Metals PLC (LON: FMET) is an AIM listed exploration company which
finances and manages exploration projects focused on Canada, widely recognised
as a top mining jurisdiction.

 

FMET currently holds a beneficial 100% interest in highly prospective gold and
base metals projects in Ontario and Uranium projects in Saskatchewan.

 

Fulcrum's strategy is to focus on discovery and commercialisation of its
Projects through targeted exploration programmes. The primary focus is to make
an economic discovery on the flagship Schreiber-Hemlo Properties and
establishing the prospectivity of its wider Ontario and Saskatchewan portfolio
with a view to securing potential joint venture and/or acquisition interest.

 

Panther Metals Plc own 20% of the issued share capital of Fulcrum Metals Plc
and a 2% NSR on the Big Bear project.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets on the Australian
Securities Exchange ("ASX") in December 2021. The ASX listing has provided the
Australian projects with the necessary capital to advance drill-ready targets
focused on nickel and gold (within the Tier 1 Mining Districts of Laverton WA
and in the NT). Through this spin-out Panther holds an attractive investment
prospect, without any disruption to the Company's capital structure and
without any financial obligations.

Conclusion

Panther Metals understand that the commercial realities of building an
exploration company requires expertise in geology, finance, and the markets
within which they operate. The Company's extensive network of industry leaders
allows it to meet these objectives. Ultimately however, drilling success is
the only route to discovery: the fundamental objective of any exploration
company. Once Panther's world-class geological team identify the anomalies,
they work hard to get drilling. The drill hole is the only place where
substantial and sustained capital growth originates and it's with that
operational focus Panther Metals will continue to advance.

 

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