Business
Kalaka Conditions Precedent
Kalaka Conditions Precedent.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9057L\n Panthera Resources PLC\n 15 January 2021\n \n \n \n \n 15 January 2021\n \n \n \n \n \n Panthera Resources Plc\n \n \n (Panthera or the Company)\n \n \n \n \n \n Kalaka Conditions Precedent\n \n \n \n \n \n Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that all material commercial conditions precedent for the transfer of the Kalaka Project (Kalaka) to \n Moydow Holdings Ltd (Moydow) \n have now been met.\n \n \n \n \n \n The remaining actions for the completion of the transfer of Kalaka comprise administrative and logistical activities including exchanging, executing, stamping and lodging of various documents and agreements between the parties and applicable government departments in Mali. Accordingly, the Company has agreed with Moydow \n to extend the date \n for completion of the sale of Kalaka to Moydow to 31 January 2021. \n \n \n \n \n \n Background\n \n \n \n \n \n On 22 July 2020, Panthera announced that it has entered into a conditional sale and purchase agreement (Agreement) to divest its interests in the Labola gold project in southwest Burkina Faso and the Kalaka gold project in southwest Mali to Moydow. \n \n \n \n \n \n The transfer of Panthera's interest in the Kalaka project to Moydow required an internal corporate restructure by Panthera which is expected to be completed later today.\n \n \n \n \n \n If the transfer of Panthera's interest in Kalaka to Moydow completes on or before 31 January 2021 (previously 14 January 2021), or such other date as agreed, Moydow will settle the remainder of the deferred consideration (US$60,000) and refund to Panthera the 2H 2020 historical costs on Kalaka forecast at US$115,000 at completion. \n \n \n \n \n \n If the transfer of Kalaka does not occur on or before 31 January 2021 (previously 14 January 2021), unless extended, Panthera will retain its interest in the Kalaka Project and 0.5 million of the Share Consideration as previously announced will be rescinded.\n \n \n \n \n \n Contacts\n \n \n \n \n \n \n \n \n \n Panthera Resources PLC\n \n \n \n \n Mark Bolton (Managing Director)\n \n \n \n \n \n \n \n +61 411 220 942\n \n \n contact@...