Business
MMI Settlement
MMI Settlement.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3778S\n Panthera Resources PLC\n 15 November 2021\n \n \n \n \n 15 November 2021\n \n \n \n \n \n Panthera Resources Plc\n \n \n (\"Panthera\" or \"the Company\")\n \n \n \n \n \n MMI Settlement \n \n \n \n \n \n Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, advises that it has settled on the agreements with Metal Mining India Private Limited (\"MMI\") and the MMI shareholders as announced on 29 October 2021. MMI is the Company's joint venture (\"JV\") partner in India, in respect of the Bhukia Project. \n \n \n \n \n \n Highlights\n \n \n • \n Ownership interest in the Bhukia and Taregaon projects in India via IGL has increased to 100% (giving Panthera a 95% interest) if prospecting licences (PLs) are granted in the future.\n \n \n • \n IGL has acquired all of MMI's shares and has secured cooperation from the former shareholders in relation to a potential claim under the Australia-India Bilateral Investment Treaty (\"ABIT\") together with their rights to bring a claim under the ABIT.\n \n \n \n \n \n Under the terms of the agreements with MMI and the MMI shareholders, the Company has issued 3,044,049 Panthera shares and paid 0.92 million (£0.5 million) in cash as part of the consideration to MMI shareholders. The remaining consideration of A$0.22million (£0.12 million) is to be paid on 29 April 2022.\n \n \n \n \n \n Background\n \n \n \n \n \n On 29 October 2021, the Company announced that it had entered into agreements to acquire all of MMI's shares and to secure cooperation from the MMI shareholders concerning a potential claim under the ABIT together with their rights to bring a claim under the ABIT.\n \n \n \n \n \n The Bhukia Project consists of a PL application that lies within the area of MMI's formerly granted permits in southern Rajasthan. A total of 21 holes were drilled by IGL and a JORC compliant resource of 1.74 million ounces at 1.4 g/t gold (2008) was reported. \n \n \n \n \n \n The Company made its initial investment in Bhukia, through its 95% owned Australian subsidiary, IGL in 2005. The Company's rights to be granted a Prospecting Licence (\"PL\") over Bhukia through MMI, its JV partner, have been consistently frustrated over...