Business
Fulcrum Metals: Sale of Uranium Projects
Fulcrum Metals: Sale of Uranium Projects.
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\n\nFOR IMMEDIATE RELEASE\n\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)\n30 July 2024\n \nFulcrum Metals - Disposal of Uranium Assets\n \nPanther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Fulcrum Metals PLC (\"Fulcrum\", LON: FMET) announcement that it has successfully disposed of the company's uranium exploration assets to Terra Balcanica Corp. (CNSX: TERA).\nPanther currently holds a total of 7,625,122 ordinary shares in Fulcrum representing a 15.26% 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 \n \nFurther to the Company's announcements on 17 May 2024 and 3 April 2024, Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce that it has on 2 July 2024 entered into a definitive option agreement (the \"Agreement\") with Terra Balcanica Resources Corp. (CNSX: TERA) (\"Terra\") for the sale of its uranium projects (the \"Uranium Projects\") located in Saskatchewan, Canada.\n \nUnder the terms of the Agreement, and as announced on 3 April 2024, Terra will have the option to acquire 100% of Fulcrum's Uranium Projects, consisting of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects by completing four years of exploration programmes and making a series of cash and equity payments as outlined below:\n \n\n\n\n\n\n\n\nCash to Fulcrum\n\n\nValue of Shares in Terra to Fulcrum\n\n\nExploration Expenditures required by Terra\n \n\n\n\n\nPayment received by Fulcrum on 4 April 2024\n\n\nCA$7,500\n\n\n-\n\n\n-\n\n\n\n\nPayment received by Fulcrum on 18 June 2024\n\n\nCA$25,000 less CA$7,500 exclusivity agreement (equalling $17...