REG - Panthera Resources - Equity Financing Update

Panthera ResourcesAnnouncement

18/12/2023 07:45

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RNS Number : 1297X  Panthera Resources PLC  18 December 2023

THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION IN IT, IS
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UNLAWFUL.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA")) ("UK MAR"). IN ADDITION, MARKET
SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE
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PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK MAR). UPON THE
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POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

18 December 2023

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Equity Financing Update

Subscription to raise £150k in addition to the £785k recently raised

 

Panthera Resources plc (AIM: PAT), the gold exploration and development
company with assets in India and West Africa, is pleased to announce that it
has conditionally raised an additional £150,000 (before expenses) by way of a
subscription (the "Additional Equity Financing") of a total of 3,000,000 new
ordinary shares of 1 pence each in the Company (the "Ordinary Shares") at a
price of 5 pence per new Ordinary Share (the "Subscription Price").

 

This follows the completion of the equity capital fundraise for £785,000
(before expenses), details of which were announced by the Company on 6
December 2023 (together the "Initial Equity Financing"). In this respect,
considering that the Initial Equity Financing was substantially
oversubscribed, the Company has elected to extend the Initial Equity Financing
through raising an additional £150,000 (before expenses) at the Subscription
Price, being a small part of the oversubscriptions.

 

It is intended that the net proceeds of the Additional Equity Financing will
be deployed for the same purposes as that of the Initial Equity Financing,
namely, towards the Company's activities in India and West Africa and meeting
the Company's working capital commitments.

 

The Additional Equity Financing has been conducted as a private subscription
under the Company's existing allotment and pre-emption disapplication
authorities and participation has not been made available to members of the
public.  The 3,000,000 new Ordinary Shares (the "Subscription Shares") will
rank pari passu with the existing Ordinary Shares.

 

The Additional Equity Financing is subject to terms and conditions agreed
between the Company and the subscriber for the Subscription Shares and is
conditional, inter alia, on Admission (as defined below). The Additional
Equity Financing is not underwritten by Allenby Capital Limited ("Allenby
Capital") or any other person.

 

The Company has agreed to pay Allenby Capital a fundraise commission in
connection with funds introduced by Allenby Capital pursuant to the Additional
Equity Financing.  In addition, the Company has agreed to issue 180,000
options to Allenby Capital, exercisable at a price of 5 pence on or before 14
December 2025 ("Option") with each Option entitling the holder to acquire one
new Ordinary Share upon exercise of the Option.

 

Admission and total voting rights

 

Application will be made to London Stock Exchange plc for the 3,000,000 new
Ordinary Shares to be admitted to trading on AIM ("Admission"). It is
currently anticipated that Admission will become effective and that dealings
will commence on AIM at 8.00 a.m. on or around 21 December 2023.

 

Upon Admission of the 3,000,000 new Ordinary Shares, the Company's issued
ordinary share capital will consist of 173,989,083 Ordinary Shares with one
voting right each. The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of Ordinary Shares and voting rights in the
Company will be 173,989,083. With effect from Admission, this figure may be
used by Shareholders in the Company as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

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)

Guy McDougall / Kelly Gardiner (Sales & Corporate
Broking)

 

Novum Securities Limited (Joint
Broker)
+44 (0) 20 7399 9400

Colin
Rowbury

 

Financial Public Relations

Zak
Mir
+44 (0) 786 752 7659

 

Subscribe for Regular Updates

 

Follow the Company on Twitter at: @PantheraPLC
(https://twitter.com/PantheraPlc)

 

For more information and to subscribe to updates visit: pantheraresources.com
(https://pantheraresources.com/)

 

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.

 

Notice to Distributors

 

Solely for the purposes of the product governance requirement contained in
Chapter 3 of the FCA Product Intervention and Product Governance Sourcebook
(together, the "UK Product Governance Requirements"), and disclaiming all and
any liability, whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the UK Product Governance Requirements)
may otherwise have with respect thereto, the Subscription Shares have been
subject to a product approval process, which has determined that the
Subscription Shares are: (i) compatible with an end target market of retail
investors and investors who meet the criteria of professional clients and
eligible counterparties, as defined under the FCA Handbook Conduct of Business
Sourcebook, and (ii) eligible for distribution through all permitted
distribution channels (the "Target Market Assessment").

 

Notwithstanding the Target Market Assessment, distributors should note that:
the price of the Subscription Shares may decline and investors could lose all
or part of their investment; the Subscription Shares offer no guaranteed
income and no capital protection; and an investment in the Subscription Shares
is compatible only with investors who do not need a guaranteed income or
capital protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits and risks of
such an investment and who have sufficient resources to be able to bear any
losses that may result therefrom. The Target Market Assessment is without
prejudice to the requirements of any contractual, legal or regulatory selling
restrictions in relation to the Subscription Shares. Furthermore, it is noted
that, notwithstanding the Target Market Assessment, Allenby Capital Limited
will only procure investors who meet the criteria of professional clients and
eligible counterparties. For the avoidance of doubt, the Target Market
Assessment does not constitute: (a) an assessment of suitability or
appropriateness for the purposes of the FCA Handbook Conduct of Business
Sourcebook COBS 9A and 10A respectively; or (b) a recommendation to any
investor or group of investors to invest in, or purchase, or take any other
action whatsoever with respect to the Subscription Shares.

 

Each distributor is responsible for undertaking its own target market
assessment in respect of the Subscription Shares and determining appropriate
distribution channels.

 

**ENDS**

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