Business
Funding Confirmation Notice: US$13.6 million
Funding Confirmation Notice: US$13.6 million.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n\n25 August 2023\n \nPanthera Resources Plc\n(\"Panthera\" or the \"Company\")\n \nBhukia Project\nArbitration Funding Confirmation Notice\n \nGold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, is pleased to announce that LCM Funding SG Pty Ltd (\"LCM Funding\" or the \"Funder\") has successfully completed its due diligence and issued the Funding Confirmation Notice (the \"FCN\"). Following such issuance, an unconditional funding facility has been made available for the Company's subsidiary, Indo Gold Pty Ltd (\"IGPL\"), to support IGPL's claims against the Republic of India (\"India\") arising from the 1999 Agreement between the Government of Australia and the Government of the Republic of India (\"GoI\") on the Promotion and Protection of Investments (the \"Treaty\").\n \nOn 28 February 2023, the Company announced that IGPL had entered into a conditional arbitration funding agreement (the \"AFA\") for up to US$10.5 million (the \"Facility\") in litigation financing with LCM Funding. The Facility has now been increased to US$13.6 million, following the positive results of a comprehensive and robust due diligence process by LCM Funding.\n \nHighlights\n \n· Issue of Funding Confirmation Notice for increased unconditional funding Facility of US$13.6 million.\n· All monies advanced through the AFA are non‐recourse and only repayable in the event of a successful recovery.\n· Appointment of several industry leading advisors and experts in support of IGPL's claims against India.\n \nCommenting on the announcement, Mark Bolton, Managing Director of Panthera said:\n \n\"Following an extended due diligence process, we are pleased that LCM has reaffirmed its view that IGPL has a meritorious claim against the Republic of India. LCM's detailed examination, supported by advice from multiple legal, mining and valuation experts over many months reinforces the view that an actionable expropriation, amongst other Treaty breaches perpetrated by India, has occurred to an asset of substantial value to the Company. \n \nIn addition to working with Fasken, IGPL has used this period to select several l...