Business
Panthera Exploration Inc. Corporate Update
Panthera Exploration Inc. Corporate Update
About this update from Argentina Lithium & Energy Corp.
[{"type":"text","content":"\nPanthera Exploration Inc. Corporate Update\n\n\n Jun. 17, 2009 (TheNewswire.ca) -- Panthera Exploration Inc. (the \"Company\" PNX-TSX.V)(PNX-TSX.V; PNXLF-OTC; OAY-Frankfurt) announces that further to its news release dated June 3, 2009 regarding the proposed sale of its Peruvian and Argentina properties as described therein (the \"Properties\") to Golden Arrow Resources (TSXV:GRG) Corp. (\"Golden Arrow\"), the Company will seek shareholder approval to the Properties' disposition to Golden Arrow (the \"Disposition\") at its next general meeting of shareholders, which has been re-scheduled to July 22, 2009.Due to the impending deadline this month to pay required property maintenance fees on the Properties, and the Company's lack of capital resources, the Company has agreed to borrow $150,000 from Golden Arrow, repayable after 90 days on demand, with interest at 4% per annum (the \"Loan\") to maintain the Properties in good standing. The Loan is secured by a promissory note and a general security agreement (the \"GSA\") in favour of Golden Arrow against the Properties, any equipment thereon, all technical data and any proceeds (the \"Collateral\"). The GSA will entitle Golden Arrow to seize the Collateral, if the Loan is not repaid, in satisfaction of the Loan.According to the terms of the Loan, if the shareholders approve the Disposition, then the Loan will be applied towards Golden Arrow's acquisition cost for the Properties, less any payments made by the Company from the proceeds of the Loan for property maintenance fees, since Golden Arrow had agreed to assume the on-going property maintenance expenses of the Properties.The Company has also reached an agreement in principle with an independent drilling contractor to settle liabilities of US$160,688.29 (plus accrued interest), incurred for drilling work. The Company will settle US$75,000 of such indebtedness by transferring to the contractor, all of the shares of the Company's Peruvian subsidiary, Recursos de los Andes S.A.C., after completion of the sale of the Properties to Golden Arrow. The balance of the Company's indebtedness to the contractor will be settled or repaid by either the issuance of shares for debt, or a private equity financing, on terms yet to be arranged and subject to regulatory approval.ON BEHALF OF THE BOARD\"Nikolaos Cacos\"_____________________________...