Business
Partnership Agreed to Advance Bhukia JV Project
Partnership Agreed to Advance Bhukia JV Project.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0991L Panthera Resources PLC 20 December 2018 \n\n \n20 December 2018\nPanthera Resources Plc\n(\"Panthera\" or \"the Company\")\nPartnership Agreed to Advance the Bhukia JV Project in India\nPanthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce the signing of a definitive term sheet with Galactic Gold Mines Private Limited (\"Galaxy\"), forming a partnership in India to advance the Bhukia JV Project.\nHighlights\n· Following extensive technical and legal due diligence by its team in India, Galaxy has agreed to purchase a 10% stake in Panthera's 100% owned subsidiary, Indo Gold Pty Ltd. (\"IGL\"), for US$1.25m and earn additional equity by providing ongoing support and services to advance the Bhukia JV project (70%) in Rajasthan, India (\"Bhukia\").\n· Galaxy was formed in 2016 with the objective of building a portfolio of gold mining investments and operations and a plan to be listed on the Bombay Stock Exchange (\"BSE\"). Its principals have a wealth of experience and a wide array of connections and capabilities in the gold mining industry in India.\n· Galaxy's principal investor is Hunch Ventures and Investments Pvt. Ltd (\"Hunch\"), which is a successful Indian venture capital group with strong government, corporate and institutional connections to the mining industry in India.\nGeoff Stanley, Managing Director said \"With the signing of this term sheet Panthera has taken a big step forward in achieving many of its key strategic and corporate objectives in India. The transaction brings Indian capital to support the development of Bhukia, it provides key corporate, bureaucratic, technical and administrative capabilities in India, and allows IGL an opportunity to participate in Galaxy's BSE listing process, which is planned to commence next year. Galaxy and Hunch's Indian legal and technical due diligence also provides strong validation of the strength of the Bhukia PL application and demonstrates a current valuation for Panthera's share of Bhukia that alone significantly exceeds the market capitalisation of Panthera\".\nTransaction Details\nPanthera's partnership with Galaxy involves several facets, which ...