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08 Aug 2019 | 09:42

Panthera Resources restructures financing package amid India project delays

Gold exploration and development company Panthera Resources said it had negotiated the restructuring of its financing package with Republic Investment Management to shore up its balance sheet following delays at its Bhukia project in India.

The financing would now split the tranche 3 capital injection into two investment tranches, with tranche 3 to be invested immediately for gross proceeds of £500,000 at 10p per share.

The company had agreed to issue 5,000,000 new ordinary shares to Republic Investment Management and its co-investors.

Tranche 3B would be invested on receipt of approvals for restarting exploration at the company's Bhukia project in India.

The tranche 3 financing had been originally intended to provide initial funding for the recommencement of exploration drilling at the Bhukia JV upon grant of the prospecting licence and necessary environmental and forestry permits. The original tranche 3 size was A$2.7m (£1.5m).

However, as the prospecting licence grant had been further delayed, but protected by a court order, the company said its capital budgeting had been 'negatively affected', necessitating this capital raise.

The 5,000,000 new shares were expected to be admitted to trading on AIM on or around 21 August 2019.

Following the issue of the new shares, the number of ordinary shares in issue in the company would increase to 72,605,556.

At 9:42am: (LON:PAT) Panthera Resources Plc Ord 1p share price was +0.25p at 9p

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