Kalaka Conditions Precedent

RNS Number : 9057L

Panthera Resources PLC

15 January 2021

 

15 January 2021

Panthera Resources Plc

(Panthera or the Company)

Kalaka Conditions Precedent

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that all material commercial conditions precedent for the transfer of the Kalaka Project (Kalaka) to Moydow Holdings Ltd (Moydow) have now been met.

The remaining actions for the completion of the transfer of Kalaka comprise administrative and logistical activities including exchanging, executing, stamping and lodging of various documents and agreements between the parties and applicable government departments in Mali.  Accordingly, the Company has agreed with Moydow to extend the date for completion of the sale of Kalaka to Moydow to 31 January 2021. 

Background

On 22 July 2020, Panthera announced that it has entered into a conditional sale and purchase agreement (Agreement) to divest its interests in the Labola gold project in southwest Burkina Faso and the Kalaka gold project in southwest Mali to Moydow. 

The transfer of Panthera's interest in the Kalaka project to Moydow required an internal corporate restructure by Panthera which is expected to be completed later today.

If the transfer of Panthera's interest in Kalaka to Moydow completes on or before 31 January 2021 (previously 14 January 2021), or such other date as agreed, Moydow will settle the remainder of the deferred consideration (US$60,000) and refund to Panthera the 2H 2020 historical costs on Kalaka forecast at US$115,000 at completion. 

If the transfer of Kalaka does not occur on or before 31 January 2021 (previously 14 January 2021), unless extended, Panthera will retain its interest in the Kalaka Project and 0.5 million of the Share Consideration as previously announced will be rescinded.

Contacts

Panthera Resources PLC Mark Bolton (Managing Director)	[phone] [e-mail]
Financial Public Relations Vigo Communications Ltd Simon Woods Chris McMahon	[phone]
Nominated Advisor and Broker RFC Ambrian Rob Adamson Bhavesh Patel Charlie Cryer	[phone]

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

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 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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