Business
Fulcrum Metals - Acquisition and Fundraise
Fulcrum Metals - Acquisition and Fundraise.
About this update from Panther Metals Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n\n\n\n\nPANTHER METALS PLC\n(\"Panther\" or the \"Company\")\n(Incorporated in the Isle of Man with company number 009753V)\n7 August 2023\nFulcrum Metals: Project Acquisition and Fundraise\nPanther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note that Fulcrum Metals PLC (\"Fulcrum\", LON: FMET) have announced they have entered into a mineral claim purchase agreement (the \"Purchase Agreement\") to acquire a 100% interest in the Tully Gold Project (\"Tully\" or the \"Project\") close to Timmins, Ontario and an associated capital raise of £520,000 via the issue of a convertible loan note.\n \nPanther currently holds a total of 9,971,839 ordinary shares in Fulcrum representing a 20% interest in the entire issued share capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable at 26.25p with a three-year life. Panther also retains a 2% net smelter return (\"NSR\") royalty over the Big Bear Project.\n \nDarren Hazelwood, Chief Executive Officer, commented:\n \n\"Obtaining gold ounces in the ground, under a compliant Mineral Resource estimate, is a major advance for any junior exploration company, and the acquisition of the Tully Gold Project marks a significant leap forward for Fulcrum, especially given its location in one of Canada's major mining camps.\n \nFulcrum are strategically building an exploration business of note in Canada. The time to secure best value from asset purchases is in a depressed market, the timing of this deal looks perfect.\n \nAt Panther we continue to see major advances across our investments and internally. We maintain good fiscal management, which combined with our refusal to feed an irrational market, leaves Panther with a great structure, highly prospective assets and a model that won't see excessive dilution for existing investors, as we begin the process of advancing our discoveries in the ground.\"\n \nThe associ...