Business
Arbitration Funding for up to US$10.5 million
Arbitration Funding for up to US$10.5 million.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \n \n 28 February 2023\n \n \n \n \n \n \n Panthera Resources Plc\n \n \n \n (\"Panthera\" or the \"Company\")\n \n \n \n \n \n \n Bhukia Project\n \n \n \n \n Conditional Agreement on Arbitration Funding for up to US$10,500,000\n \n \n \n \n \n \n Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, is pleased to announce that the Company's subsidiary, Indo Gold Pty Ltd (\"IGPL\"), has executed a conditional arbitration funding agreement (the \"AFA\") for up to US$10.5 million in litigation financing with LCM Funding SG Pty Ltd (\"LCM Funding\" or the \"Funder\"). LCM Funding is a subsidiary of Litigation Capital Management Limited (\"LCM\"), a firm quoted on the AIM Market of the London Stock Exchange. LCM is a leading global litigation financier with significant expertise in international arbitration and cross-border dsputes, including bilateral investment treaty claims over mineral resource assets.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n Conditional AFA entered into with LCM Funding to support the damages claim against the Republic of India for breaches of its obligations under the Australia-India Bilateral Investment Treaty (the \"BIT\").\n \n \n ·\n The AFA provides funding for up to US$10.5 million to support all ordinary course costs associated with IGPL pursuing the BIT claim (the \"Claim\").\n \n \n ·\n All monies advanced through the AFA are non‐recourse and only repayable in the event of a successful recovery pursuant to the Claim.\n \n \n ·\n Appointment of Fasken Martineau LLP (\"Fasken\"), a leading international law firm with extensive experience in mining, international arbitration and dispute resolution, as counsel to pursue the Claim.\n \n \n \n \n \n \n Commenting on the announcement, Mark Bolton, Managing Director of Panthera said:\n \n \n \n \n \n \n \"We are pleased that LCM has chosen to partner with Panthera. Its willingness to support our Claim is a tremendous vote of confidence. The AFA reflects an equitable sharing of the risk and reward between the partners. The AFA ensures that Panthera has the necessary resources to fully prosecute the merits of its Claim under the treaty.\n \n \n \n \n \n We extend our appreciation to Fasken who have committed signi...