Equity Financing

15 May 2020

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Equity Financing

 

Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce it has arranged an equity financing with existing and new investors for £349,390 ("Equity Financing").

 

The Equity Financing comprises the issue of 9,494,296 new ordinary shares ('Ordinary Shares') in the Company at a price of 3.68 pence per Ordinary Share. In addition subscribers will also receive one warrant for every two Ordinary Shares subscribed for, exercisable at a price of 6.68 pence on or before 16 December 2021 (the 'Warrant'), with each Warrant entitling the holder to acquire one new Ordinary Share upon exercise of the Warrant. In aggregate 4,747,149 Warrants will be issued as part of the Equity Financing.

 

The 9,494,296 new Ordinary Shares are expected to be admitted to trading on AIM on or around 22 May 2020 ('Admission'). Following Admission, the Company will have 84,705,047 Ordinary Shares in issue.

 

For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued Ordinary Share capital of Panthera following this allotment consists of 84,705,047 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Panthera under the DTRs.

 

Variation to RIM Financing Agreement

 

Republic Investment Management Pte Ltd ('RIM') has participated in £236,226 of the Equity Financing under a variation to the existing subscription agreement.

 

Pursuant to the existing subscription agreement between the Company and RIM, and the subsequent variation as announced on 8 August 2019, RIM agreed to subscribe to A$1,763,789 in Ordinary Shares of the Company to be priced at a 15% discount to the 20 day VWAP at that time ("Tranche 3B").  Tranche 3B is conditional upon receipt of approvals to recommence exploration at the Bhukia JV project in India. 

 

The Company advises that it has now entered into a further variation agreement reducing the RIM Tranche 3B subscription by A$448,728, being RIM's participation in the current Equity Financing.  Following the variation, Tranche 3B is reduced from A$1,763,789 to A$1,315,061.

 

Certain Directors also participated in the Equity Financing. Details of the shares purchased by Directors are as follows: 

 

Name	Title	Price per share	Number of shares purchased	Shares held after purchase	% holding post purchase
Michael Higgins	Non Executive Chairman	3.68p	705,000	8,387,808	9.90%
Mark Bolton	Managing Director	3.68p	350,000	350,000	0.41%
Timothy Hargreaves	Non Executive Director	3.68p	286,739	1,918,534	2.26%

 

Mark Bolton, Managing Director said "Panthera Resources continues to focus its efforts in securing the necessary approvals and licences for the Company's flagship asset, the multi-million ounce Bhukia gold project in India.  We appreciate the commitment from our shareholders and directors as the Company moves forward in this challenging investment climate."

 

 

Enquiries

 

Panthera Resources PLC

Mark Bolton (Managing Director)                                                             +61 411 220 942

 

Nominated Advisor and Broker

 

RFC Ambrian                                                                                                 +44 (0) 20 3440 6800

Rob Adamson

Bhavesh Patel

Charlie Cryer

 

Market Abuse Regulation (MAR) Disclosure

 

The information communicated in this announcement includes inside information for the purposes of Article 7 of Regulation 596/2014.

 

Annexure

 

1.	Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
a)	Name:	Michael Higgins
b)	Position/Status:	Non Executive Chairman
c)	Initial notification/ Amendment:	Initial notification
2	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted:
a)	Description of the financial instrument, type of instrument:   Identification code:	[a]     Ordinary shares of £0.01 each [b]     Unlisted warrants exercisable at £0.0668 on or before 16 December 2021 [c]      Unlisted options (A$0.05, 1/7/2022) [d]     Unlisted options (A$0.20, 6/10/21)   [a]     2138001B98EG6736XN82 [b]     Not applicable [c]     Not applicable [d]     Not applicable
b)	Nature of the transaction:	Shares and options issued for subscription in equity capital raising.
c)	Price(s) and Volume(s):	[a]     705,000 shares at £0.0368 [b]     352,500 warrants at nil cost [c]     Nil Options (A$0.05, 1/7/2022) [d]     Nil Options (A$0.20, 6/10/21)
d)	Aggregated Information: - Aggregated Volume	[a]     Additional shares in this report:                         705,000 [b]     Additional warrants in this report:                    352,500 [c]     Additional Options (A$0.05, 01/07/2022):                Nil [d]     Additional Options (A$0.20, 06/10/2021):               Nil   [a]     Updated current shares held:                          8,387,808 [b]     Updated current warrants held:                         352,500 [c]     Updated Options (A$0.05, 1/7/2022):               375,000 [d]     Updated Options (A$0.20, 1/10/2020):         1,050,000
e)	Date of the transaction:	15 May 2020
f)	Place of the transaction:	London Stock Exchange

 

 

1.	Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
a)	Name:	Mark Bolton
b)	Position/Status:	Executive Director
c)	Initial notification/ Amendment:	Initial notification
2	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted:
a)	Description of the financial instrument, type of instrument:   Identification code:	[a]     Ordinary shares of £0.01 each [b]     Unlisted warrants exercisable at £0.0668 on or before 16 December 2021   [a]     2138001B98EG6736XN82 [b]     Not applicable
b)	Nature of the transaction:	Shares and options issued for subscription in equity capital raising.
c)	Price(s) and Volume(s):	[a]     350,000 shares at £0.0368 [b]     175,000 warrants at nil cost
d)	Aggregated Information: - Aggregated Volume	[a]     Additional shares in this report:                           350,000 [b]     Additional warrants in this report:                      175,000   [a]     Updated current shares held:                               350,000 [b]     Updated current warrants held:                          175,000
e)	Date of the transaction:	15 May 2020
f)	Place of the transaction:	London Stock Exchange

 

1.	Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
a)	Name:	Timothy Hargreaves
b)	Position/Status:	Non Executive Director
c)	Initial notification/ Amendment:	Initial notification
2	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted:
a)	Description of the financial instrument, type of instrument:   Identification code:	[a]     Ordinary shares of £0.01 each [b]     Unlisted warrants exercisable at £0.0668 on or before 16 December 2021   [a]     2138001B98EG6736XN82 [b]     Not applicable
b)	Nature of the transaction:	Shares and options issued for subscription in equity capital raising.
c)	Price(s) and Volume(s):	[a]     281,848 shares at £0.0368 [b]     140,924 warrants at nil cost
d)	Aggregated Information: - Aggregated Volume	[a]     Additional shares in this report:                           286,739 [b]     Additional warrants in this report:                      143,370   [a]     Updated current shares held:                           1,918,534 [b]     Updated current warrants held:                          143,370
e)	Date of the transaction:	15 May 2020
f)	Place of the transaction:	London Stock Exchange