Panthera Resources PLC Sale of ASM Investment (4381Q)
February 26 2021 - 1:00AM
UK Regulatory
TIDMPAT
RNS Number : 4381Q
Panthera Resources PLC
26 February 2021
26 February 2021
Panthera Resources Plc
(Panthera, PAT or the Company)
Sale of ASM Investment
Panthera Resources Plc (AIM: PAT), the diversified gold
exploration and development company with assets in West Africa and
India, is pleased to announce the sale of its investment in Anglo
Saxony Mining Limited (ASM) for GBP1.17 million (USD1.64 million).
ASM owns the Tellerhäuser Underground Mine in Saxony, Germany.
The Company has entered into an unconditional binding agreement
to dispose of all its 9,778,413 shares in ASM for GBP0.12 per share
with the cash settlement anticipated being on or about 26 February
2021. In the Company's last audited accounts as at 31 March 2020,
the Company valued its investment in ASM at GBP0.08 per share. The
net proceeds of the sale of the interest in ASM will be used to
accelerate operational activity at the Company's West Africa
assets.
Mark Bolton, Managing Director of Panthera, commented:
"Panthera has shared a long history with ASM having initially
been involved in securing the licence and then retaining a minority
stake in the company. In ASM's lead-up their planned IPO we have
taken the opportunity to dispose of this non-core asset and
reallocate the funds to our highly prospective gold portfolio in
West Africa, which are the focus of our current operational
activity.
Importantly, the USD 1.64 million cash proceeds further
strengthen Panthera's balance sheet and will allow us to accelerate
our operational activity without the need for further shareholder
dilution from the issue of additional shares."
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 / Asha Chotai (Corporate Finance)
Guy McDougall (Equity Sales)
Financial Public Relations
Vigo Communications Ltd +44 (0)20 7390 0230
Simon Woods / Chris McMahon
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UK Market Abuse Regulation (UK MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of UK
MAR 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**
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