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19 Feb 2019 | 09:14

Panthera Resources initial portion of Galaxy funding

Panthera Resources said it had received an initial $250k of funding from Galactic Gold Mines Private, otherwise known as Galaxy.

Galaxy had agreed to purchase a 10% stake in Panthera's Indian subsidiary Indo Gold for $1.25m.

It could also earn additional equity by providing ongoing support and services to advance the Bhukia JV project in Rajasthan.

Galaxy agreed to purchase the 10% interest in two 5% stages.

In the first, a 5% stake was to be purchased for $500k consisting of two payments.

The payment just received was the first of two $250k payments, with the next amount due before 31 March.

The second 5% stake was due to be purchased for $750k prior to the re-commencement of exploration, now expected in mid to late 2019.

At 9:14am: (LON:PAT) Panthera Resources Plc Ord 1p share price was +1.33p at 8.7p

Story provided by StockMarketWire.com
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