Moydow Financing

RNS Number : 7652E
Panthera Resources PLC
10 November 2020
 

10 November 2020

 

Panthera Resources PLC

(Panthera or the Company)

 

Moydow Financing

 

Panthera Resources, the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that its partner, Moydow Holdings Limited (Moydow) has arranged an equity capital raising of US$1 million from existing and new investors (Financing).  The proceeds from the Financing are in addition to the $1,500,000* already secured pursuant to the Moydow Transaction as announced on 1 September 2020.  The proceeds from Moydow's equity capital raising will be applied to Moydow's planned work programmes in West Africa, including:

· in support of a JORC resource estimation at Labola;

· drilling at the Paimasa project in Nigeria; and

· geophysics surveys at Kalaka.

 

The ongoing work programme by Moydow at Labola will seek to confirm the historical drilling with a view to delivering a JORC compliant mineral resource estimate.  Furthermore, the proposed infill and step-out drilling has the potential to materially increase the overall resource base.

 

Moydow is also earning an interest in two projects, the Paimasa and Dagma projects, prospective for gold at the southern end of the Kushaka Schist Belt in Nigeria.  A drilling programme at Moydow's Paimasa project is anticipated to commence shortly.

 

At Kalaka, previous drilling has identified a very large-scale gold system.  Moydow intends to undertake additional IP surveying and subsequently to drill test the best anomalies identified by this work, along with a 1,000m by 150m zone of intense artisanal mining activity that is currently undrilled, with the aim of defining higher grade parts of the mineralisation.

 

Following the completion of the equity capital raising, Panthera's interest in Moydow's ordinary shares will decrease from 54.5% to 46.2%.

 

Further information on the planned work programmes at the Company's Bido and Bassala projects will also be provided in due course.

 

Mark Bolton, Managing Director of Panthera, commented:

"The strong investor support for Moydow's equity capital raising reaffirms Panthera's belief that our interest in Moydow will deliver strong returns for Panthera shareholders.

 

The Moydow funding underwrites an intensive work programme in the near term, with Panthera shareholders benefiting from an exciting flow of results from Moydow's highly prospective portfolio of gold assets in West Africa.

 

In addition to the activity conducted by Moydow, the Company continues to propel its West African projects forward at Bassala and Bido and we look forward to releasing further detail of these work programmes in due course. "

 

Footnotes

* US$1 million from an equity subscription and US$0.5 million in drilling services

 

Enquiries

 

Panthera Resources PLC

Mark Bolton (Managing Director)

+61 411 220 942

 

Financial Public Relations

Vigo Communications

+44 (0) 20 7390 0230

Simon Woods

Chris McMahon

 

Nominated Advisor and Broker

RFC Ambrian

+44 (0) 20 3440 6800

Rob Adamson

Bhavesh Patel

Charlie Cryer

 

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For more information visit and to subscribe to updates please visit:  www.pantheraresources.com

 

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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