REG - Panthera Resources - Investors Support Bassala Drilling Programme

Panthera ResourcesAnnouncement

12/04/2022 07:00

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RNS Number : 0857I  Panthera Resources PLC  12 April 2022

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
MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN
PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK MAR). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE
PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN
POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

12 April 2022

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Investors Support Bassala Drilling Programme

 

Fundraising to raise approximately £1.06 million

 

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 arranged an equity capital fundraise with existing and institutional
investors for approximately £1.06 million (before expenses) by way of a
placing and subscription (together the "Fundraising") of a total of 14,131,664
new ordinary shares of 1 pence each in the Company (the "New Ordinary Shares")
at a price of 7.5 pence per share (the "Placing Price"). Allenby Capital
Limited ("Allenby Capital") and Novum Securities Limited ("Novum") are acting
as brokers in connection with the Fundraising (the "Brokers").

 

Highlights

·       Capital raising will fund the planned Bassala drilling
programme in Q2 2022

·       Planned Bassala drilling programmes follow the significant gold
discovery in 2021

·       Report on geological interpretation and priority drilling
targets, following the 2021 drilling programme, to be announced in due course

 

Commenting on the announcement, Mark Bolton, Managing Director of Panthera
said:

 

"The drilling in 2021 was essentially "geochemical drilling" and has only
targeted the upper weathered zone and at a very broad line spacing of minimum
200m with holes generally 50m apart.  Many of the intercepts were at the end
of drill holes, showing the mineralisation is open at depth and representing
excellent targets for deeper drilling.  In this respect, the numerous
significant intercepts are considered to be highly encouraging.

 

The drilling programme planned for 2Q 2022 will test this known mineralisation
with deeper and closer spaced drilling, aimed at identifying zones of coherent
mineralisation that may represent resource definition targets.

 

In addition to the Bassala drilling, our partner, Diamond Fields Resources Inc
is planning a significant drilling programme at Labola in 2Q 2022.  The
programme is targeting a substantial upgrade to the maiden resource of 634,000
ounces as announced in late 2021."

 

A PDF version of the announcement, inclusive of images, can be found on the
Company's website or by following the link below:

 

http://www.rns-pdf.londonstockexchange.com/rns/0857I_1-2022-4-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0857I_1-2022-4-12.pdf)

pantheraresources.com/news/regulatory-news/
(https://pantheraresources.com/news/regulatory-news/)

 

Details of the Placing and Subscription

 

The Fundraising comprises a placing of 9,564,998 New Ordinary Shares and a
subscription of  4,566,666 New Ordinary Shares. The Fundraising has been
conducted as a private placement and 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 Fundraising is
conditional, inter alia, on admission of the New Ordinary Shares to trading
on AIM ("Admission") becoming effective.

 

The Company has entered into Fundraising agreements with the Brokers (the
"Fundraising Agreements") under which they have agreed to use their reasonable
endeavours to procure subscribers for the New Ordinary Shares at the Placing
Price. The Fundraising has not been underwritten.  Pursuant to the
Fundraising Agreements with the Brokers, the Company will issue 400,000
options exercisable at 7.5 pence on or before 12 April 2024.

 

The Fundraising Agreements contain, inter alia, customary undertakings and
warranties given by the Company in favour of the Brokers as to the accuracy of
information contained in this announcement and other matters relating to the
Company. The Brokers may terminate the Fundraising Agreements in specified
circumstances prior to Admission, including, inter alia, for material breach
of the Fundraising Agreements or any other warranties contained in them and in
the event of certain force majeure events occurring.

 

Admission and total voting rights

 

Application will be made in due course to the London Stock Exchange plc
("LSE") for the 14,131,664 New Ordinary Shares to be admitted to trading on
AIM, which is expected to occour on or around 9 May 2022.

 

Upon Admission of the 14,131,664 New Ordinary Shares, the Company's issued
ordinary share capital will consist of 119,047,922 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 119,047,922. 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.

 

Bassala Project

 

The Bassala project is located within a highly gold endowed Birimian
volcano-sedimentary belt in southwestern Mali, approximately 200km south of
the capital city Bamako (Figure 1).

 

The belt hosts the Kalana (Endeavour Mining, 4 Million Ounces ("Moz")) and
Kodieran (Wassoul'or, 2Moz) gold mines, both within a few kilometres of the
Bassala project.  The adjacent belt to the west is also well endowed with
gold and hosts the Siguiri (AngloGold Ashanti ("AngloGold"), 17Moz), Tri-K
(Avocet Mining, 3Moz), Kobada (African Gold Group, 3Moz), and Yanfolila
(Hummingbird Resources, 2Moz) gold mines (Figure 1).

 

In the second half of 2020, the Company recommenced exploration activity at
Bassala with the results of gold in soil and ground magnetic surveys announced
on 26 March 2021.  These surveys confirmed that two major gold anomalous
trends are present, a 9-kilometre long north-northeast trending zone and a
second, cross-cutting, 3-kilometre northwest-trending zone.

 

Following the successful gold in soil and ground magnetic surveys, the Company
initiated an induced polarization (IP) survey, with the results announced on
10 June 2021.  The IP survey confirmed the previous interpretations and
identified:

·       Several high order chargeability highs - probably indicative of
disseminated sulphides at depth

·       Three of the chargeability highs can be traced over 6,000m,
4,700m and 2,200m

·       Many of the chargeability highs are associated with geochemical
anomalies and artisanal mining activity

 

2021 Drilling

 

Reflecting the positive results from the IP survey, the Company initiated its
maiden drilling programme at Bassala in June 2021 ("Phase 1").  This was
terminated in July 2021 due to the onset of the wet season with a total of
9,997m air core (AC) drilling completed in 164 drill holes and 392m reverse
circulation (RC) drilling completed in 4 drill holes.  The drilling
identified widespread gold mineralisation from the broad spaced, minimum 200m
x 50m drill pattern that only penetrated to the base of weathering.  Further
details of this drilling may be found in the RNS announcements dated 24 August
2021, 10 September 2021 and 30 September 2021.

 

Given the excellent results from the Phase 1 drilling programme, the Company
continued the drilling programme in November 2021, after the wet season
("Phase 2").  This drilling programme, mainly situated in the northern part
of the license area, consisting of 8,546m drilling in 152 AC drill holes, was
completed in late December 2021.  Further details of the Phase 2 drilling may
be found in the RNS announcement dated 17 February 2022.

 

Better drilling intercepts from the Phase 1 and Phase 2 programme include:

·    20m @ 2.12 grams per tonne (g/t) of gold (Au) from 10m incl. 10m @
3.79g/t Au from 20m

·    10m @ 3.45g/t Au from 60m incl. 6m @ 6.59g/t Au from 60m

·    5m @ 5.10g/t Au from 15m

·    5m @ 2.75g/t Au from 55m

·    45m @ 0.57g/t Au from 25m incl. 5m @ 2.53g/t Au from 40m

·    30m @ 0.88g/t Au from 20m incl. 5m @ 3.18g/t Au from 20m

·    20m @ 0.75g/t Au from 15m incl. 5m @ 1.92g/t Au from 15m

·    10m @ 0.96g/t Au from 35m incl. 5m @ 1.44g/t Au from 35m

·    25m @ 0.51g/t Au from 15m incl. 5m @ 2.07g/t Au from 20m

·    5m @ 1.98g/t Au from 40m

·    6m @ 1.59g/t Au from 70m (end of hole)

·    5m @ 1.41g/t Au from 35m (end of hole)

·    25m @ 0.87g/t Au from surface incl. 5m @ 2.96g/t Au from 10m

·    2m @ >8.00g/t Au from 55m at end of hole (re-assays at 3.01, 8.40
and 1.06g/t Au)

·    5m @ 1.10g/t Au from 5m

·    16m @ 0.90g/t Au from 40m at end of hole incl. 5m @ 2.58g/t Au from
40m

·    55m @ 0.29g/t Au from 5m at end of hole incl. 5m @ 1.05g/t Au from
30m

·    5m @ 2.45g/t Au from 5m

·    5m @ 1.19g/t Au from 35m

 

Directors' Participation

 

Certain Directors of the Company have agreed to subscribe for 300,000 New
Ordinary Shares at the Placing Price in the Fundraising (the "Director
Participation"). Set out below are details of the Director Participation.
The settlement of the Director Participation is anticipated to be completed on
or around 9 May 2022.

 

 Director                  Position                New Ordinary Shares being subscribed  Shareholding following Admission
 Timothy James Hargreaves  Non-Executive Director  100,000                               2,292,410

 Michael Lindsay Higgins   Non-Executive Chairman  200,000                               8,325,923

 

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 Qualified Person under the AIM Rules - Note for
Mining and Oil & Gas Companies.  Antony Truelove is the COO of Panthera
Resources PLC.

 

Contacts

 

Panthera Resources PLC

Mark Bolton (Managing
Director)
+61 411 220 942

 
contact@pantheraresources.com

 

Allenby Capital Limited (Nominated Adviser &
Broker)                        +44 (0) 20 3328 5656

John Depasquale / Vivek Bhardwaj (Corporate
Finance)

 

Financial Public Relations

Vigo Consulting
Ltd
+44 (0)20 7390 0230

Oliver Clark / Chris McMahon

 

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
(http://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 Placing Shares have been subject
to a product approval process, which has determined that the Placing 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 Placing Shares may decline and investors could lose all or
part of their investment; the Placing Shares offer no guaranteed income and no
capital protection; and an investment in the Placing 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 Placing 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 Placing Shares.

 

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

 

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 

 1     Details of the person discharging managerial responsibilities / person closely
       associated
 a)    Name                                                           Timothy James Hargreaves

 2     Reason for the notification
 a)    Position/status                                                Non-Executive Director
 b)    Initial notification /Amendment                                Initial notification
 3     Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a)    Name                                                           Panthera Resources Plc
 b)    LEI                                                            213800IB98EG6736XN82
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a)    Description of the financial instrument, type of instrument    Ordinary shares of 1p each in Panthera Resources plc

       Identification code                                            Identification code (ISIN) for Panthera Resources Plc shares: GB00BD2B4L05
 b)    Nature of the transaction                                      Subscription of New Ordinary Shares

 c)    Price(s) and volume(s)                                          Price(s)   Volume(s)
                                                                      £0.075      100,000

 
 d)    Aggregated information
       - Aggregated volume                                            100,000

       - Price                                                        £0.075

 e)    Date of the transaction                                        12 April 2022

 f)    Place of the transaction                                       Outside a trading venue

 

d)

Aggregated information

 

 

- Aggregated volume

 

100,000

 

- Price

 

£0.075

 

e)

Date of the transaction

12 April 2022

 

f)

Place of the transaction

Outside a trading venue

 

 

 1     Details of the person discharging managerial responsibilities / person closely
       associated
 a)    Name                                                           Michael Lindsay Higgins

 2     Reason for the notification
 a)    Position/status                                                Non-Executive Chairman
 b)    Initial notification /Amendment                                Initial notification
 3     Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a)    Name                                                           Panthera Resources Plc
 b)    LEI                                                            213800IB98EG6736XN82
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a)    Description of the financial instrument, type of instrument    Ordinary shares of 1p each in Panthera Resources plc

       Identification code                                            Identification code (ISIN) for Panthera Resources Plc shares: GB00BD2B4L05
 b)    Nature of the transaction                                      Subscription of New Ordinary Shares

 c)    Price(s) and volume(s)                                          Price(s)   Volume(s)
                                                                      £0.075      200,000

 
 d)    Aggregated information
       - Aggregated volume                                            200,000

       - Price                                                        £0.075

 e)    Date of the transaction                                        12 April 2022

 f)    Place of the transaction                                       Outside a trading venue

 

d)

Aggregated information

 

 

- Aggregated volume

 

200,000

 

- Price

 

£0.075

 

e)

Date of the transaction

12 April 2022

 

f)

Place of the transaction

Outside a trading venue

 

 

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