REG - Panthera Resources - MMI Settlement

Panthera ResourcesAnnouncement

15/11/2021 10:00

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RNS Number : 3778S  Panthera Resources PLC  15 November 2021

15 November 2021

 

Panthera Resources Plc

("Panthera" or "the Company")

 

MMI Settlement

 

Panthera Resources plc (AIM: PAT), the gold exploration and development
company with assets in India and West Africa, advises that it has settled on
the agreements with Metal Mining India Private Limited ("MMI") and the MMI
shareholders as announced on 29 October 2021.  MMI is the Company's joint
venture ("JV") partner in India, in respect of the Bhukia Project.

 

Highlights

•                Ownership interest in the Bhukia and
Taregaon projects in India via IGL has increased to 100% (giving Panthera a
95% interest) if prospecting licences (PLs) are granted in the future.

•                IGL has acquired all of MMI's shares and has
secured cooperation from the former shareholders in relation to a potential
claim under the Australia-India Bilateral Investment Treaty ("ABIT") together
with their rights to bring a claim under the ABIT.

 

Under the terms of the agreements with MMI and the MMI shareholders, the
Company has issued 3,044,049 Panthera shares and paid 0.92 million (£0.5
million) in cash as part of the consideration to MMI shareholders.  The
remaining consideration of A$0.22million (£0.12 million) is to be paid on 29
April 2022.

 

Background

 

On 29 October 2021, the Company announced that it had entered into agreements
to acquire all of MMI's shares and to secure cooperation from the MMI
shareholders concerning a potential claim under the ABIT together with their
rights to bring a claim under the ABIT.

 

The Bhukia Project consists of a PL application that lies within the area of
MMI's formerly granted permits in southern Rajasthan.  A total of 21 holes
were drilled by IGL and a JORC compliant resource of 1.74 million ounces at
1.4 g/t gold (2008) was reported.

 

The Company made its initial investment in Bhukia, through its 95% owned
Australian subsidiary, IGL in 2005.  The Company's rights to be granted a
Prospecting Licence ("PL") over Bhukia through MMI, its JV partner, have been
consistently frustrated over an extended period by the Government of
Rajasthan.  More recently, the PL Application over Bhukia was again rejected
by the GoR in August 2018 on various spurious grounds. The Company
subsequently obtained an interim Stay Order from the Rajasthan High Court
which continues to remain in place with the matter subject to ongoing
proceedings in the High Court of Rajasthan.

 

In response to the ongoing delays in the grant of the prospecting licence over
Bhukia, on 18 February 2021, the Company announced the appointment of Fasken
to advise on a potential dispute with the Republic of India under the ABIT in
relation to Bhukia, which includes past, present and any future acts and/or
omissions by India and its state entities and actors.  The Company is
currently in discussions with several potential litigation funders to support
a claim against the Republic of India under the ABIT.

 

Application for Admission

 

The application will be made to the London Stock Exchange for 3,044,049 new
ordinary Panthera shares, to be admitted to trading on the AIM market with
admission expected to occur on or around 22 November 2021 ("Admission").
The issued new ordinary Panthera shares will rank pari passu in all respects
with the existing ordinary Panthera shares.  Following the Admission of the
new Shares, the issued ordinary share capital of Panthera will consist of
100,952,258 Shares.

 

For the purposes of the Financial Conduct Authority's Disclosure and
Transparency Rules ("DTRs"), the issued ordinary share capital of Panthera
following the allotment of the Shares consists of 100,952,258 ordinary shares
of 1 pence each,  with voting rights attached (one vote per share). There are
no shares held in treasury. This total voting rights figure may be used by
shareholders as the denominator for the calculation by which they will
determine whether they are required to notify their interest in, or a change
to their interest in, Panthera under the DTRs. Admission of the Shares is
expected to become effective and dealings to commence at 8.00 am on 22
November 2021.

 

 

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)

 

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**

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