Panthera Resources plc (LON: PAT), the gold exploration and development company with assets in India and West Africa, today announced that the initial US$250,000 of funding from Galactic Gold Mines Private Limited (Galaxy) has been received.
Following extensive technical and legal due diligence by its team in India, Galaxy agreed to purchase a 10% stake in Panthera’s 100% owned subsidiary, Indo Gold Pty Ltd., for US$1.25m and earn additional equity by providing ongoing support and services to advance the Bhukia JV project in Rajasthan, India. Further details are in the announcement dated 20 December 2018.
Galaxy agreed to purchase the 10% interest in IGL in two 5% stages. In the first stage a 5% stake is to be purchased for US$500,000 consisting of two payments. The payment just received was the first of two US$250,000 payments, with the next amount due before 31 March 2019.
The second 5% stake is due to be purchased for US$750,000 prior to the re-commencement of exploration (now expected mid- to late-2019).