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16 Aug 2019 | 07:50

Panthera Resources books annual loss; eyes additional funding

Panthera Resources booked a full-year loss as it continued to develop its prospects in West Africa and India.

Pre-tax losses for the year through March amounted to $1.58m, compared to losses of $2.51m on-year.

The company had cash of around $188k as at 31 March, with a $500k payment 'due shortly' from India's Galaxy and a restructured financing package from Republic Investment Management.

'Management indicate that on current expenditure levels, all current cash held will be used prior to the 12 months subsequent of the signing of the financial statements,' Panthera said.

'As with many exploration companies our auditors have highlighted that the group's ability to continue as a going concern is dependent upon raising additional capital.'

Panthera said a a key factor affecting its capital position was the granting of the production licence and necessary environmental and forestry permits that would trigger an additional $750k payment from India's Galaxy and £1m from RIM.

'The company will keep the market updated on progress with the licence grant and its funding requirements,' it said.

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