Panthera Resources PLC Equity Financing Update (0598Y)

TIDMPAT

RNS Number : 0598Y

Panthera Resources PLC

02 May 2023

2 May 2023

Panthera Resources Plc

("Panthera" or "the Company")

Equity Financing Update

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India provides the following update in respect of the Company's equity financing as originally announced on 29 March 2023 and more recently on 19 April 2023.

The Company previously announced that it expected that the 23,650,590 New Ordinary Shares will be admitted to trading on AIM ("Admission") on or around 26 April 2023. As a result of settlement delays the Company has agreed to split Admission into two tranches.

Accordingly, it is now anticipated that 21,725,590 New Ordinary Shares (representing GBP 923,337.58 before expenses) (together the "First Tranche") will admit to trading on AIM on or around 5 May 2023 ("First Admission"). The remaining 1,925,000 New Ordinary Shares (representing GBP 81,812.50 before expenses) ("together the "Second Tranche") will admit to trading on AIM on or around late May 2023 ("Second Admission").

Issue of options

Pursuant to the terms of the equity financing, as announced by the Company on 29 March 2023, subscribers will also receive one option for every two Ordinary Shares subscribed for, exercisable at a price of 6.68 pence on or before 10 December 2025 (the 'Option'), with each Option entitling the holder to acquire one new Ordinary Share upon exercise of the Option. Accordingly, in respect of the First Tranche, 10,862,795 Options will be issued. In relation to the Second Tranche, it is anticipated that 962,500 Options will be issued.

In addition, the Company has issued 378,618 options to Novum Securities Ltd in respect of fees pursuant to the equity financing, exercisable at a price of 4.25 pence on or before 1 May 2025 , with each option entitling the holder to acquire one new Ordinary Share upon exercise of the Option.

All other terms of the equity financing, as otherwise outlined in this announcement, remain unchanged from those terms as originally announced by the Company on 29 March 2023.

Total voting rights

Upon First Admission, the Company's issued ordinary share capital will consist of 152,579,671 ordinary Shares with one voting right each. The Company does not hold any ordinary Shares in treasury. Therefore, the total number of ordinary Shares and voting rights in the Company will be 152,579.671. With effect from First Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Further announcements regarding the equity financing will be made by the Company as and when appropriate.

Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Company's announcement on 29 March 2023.

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director) [phone]

[e-mail]

   Allenby Capital Limited (Nominated Adviser & Joint Broker)             [phone] 

John Depasquale / Vivek Bhardwaj (Corporate Finance)

Kelly Gardiner / Stefano Aquilino (Sales & Corporate Broking)

Novum Securities Limited (Joint Broker) [phone]

Colin Rowbury

Financial Public Relations

Vigo Consulting Ltd [phone]

Oliver Clark / Chris McMahon

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For more information and to subscribe to updates visit: pantheraresources.com

UK Market Abuse Regulation (UK MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.

**ENDS**

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May 02, 2023 02:10 ET (06:10 GMT)