Acquisition of Parthian Resources Pty. Ltd., Au...

About this update from Panther Metals Plc

[{"type":"text","content":"\n \n18 March 2019\n\nPanther Metals PLC\n\n(“Panther” or the “Company”)\n\nAcquisition of Parthian Resources Pty. Ltd., Australia\n\nPanther Metals PLC (NEX:PALM), is pleased to announce, further to the announcement of 17 December 2018, the completion of  the acquisition of all the issued shares in Parthian Resources Pty. Ltd. (“Parthian”) in Australia. As a result, Parthian has now become a wholly-owned subsidiary of Panther.\n\nFurther details on Parthian can be found in the announcement dated 17 December 2018.\n\nDarren Hazelwood, Chief Executive Officer, commented:\n\n“We are delighted to announce the completion of the Parthian Resources acquisition. The deal constitutes an essential step forward in the execution of our business plan to move into Australia. The Parthian acquisition helps to fast-track our entry into this world-class mining jurisdiction and provides for an established corporate and banking structure in Perth.\n\nI would like to welcome on to our shareholder register a network of well-known professionals within the Western Australian mining and finance community. We will be able to leverage their local expertise as we advance the business and look to take advantage of the attractive mining-friendly business climate that exists in Australia.\n\nWe have a very clear vision for our Australian business and have initiated the process of securing potential targets. At this time, our Australian subsidiary is sufficiently financed for the completion of at least one project acquisition, without recourse to supportive funding from Panther.  We look forward to updating the market in due course.”\n\nDeal Terms\n\nUpon completion of the acquisition Parthian will become a 100% owned subsidiary of Panther, through the issue and in-specie distribution of new fully-paid shares in Panther such that Parthian shareholders will own 16.1% of the enlarged share capital of the Company. Panther will issue 99,151,250 shares, post-completion. The additional 1.1% over the proposed 15% share of enlarged capital, announced 17 December 2018, results from work undertaken and financed in Australia on behalf of Panther by Parthian. The new shareholders are subject to an orderly share sale agreement.\n\nParthian will now become a wholly-owned operating subsidiary of Panther in Australia and will change its name to Pan...

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