23rd Oct 2019 09:35
(Alliance News) - Shares in Panthera Resources PLC fell on Wednesday after the company said it is waiting on a new date for a hearing at the Rajasthan High Court in India which was initially due to be heard last Friday.
The stock was trading 15% lower at 8.30 pence each in London on Wednesday morning.
The gold exploration firm, which has assets in India and Mali, said the case was moved to Tuesday, though it was not heard then either.
The case relates to Panthera's prospecting licence application at the Bhukia joint venture being rejected by local government in August 2018. The company is working alongside partners Metal Mining India Pvt Ltd to secure the licence.
Panthera said: "Metal Mining India's case on behalf of the joint venture was not heard on Friday, October 18 as anticipated and was rescheduled for October 22. However, it was listed at number 221 and the court failed to process the case, again as a result of staffing shortages. We await confirmation of a new date for the hearing and will advise the market accordingly."
The company added that it has received a final cash injection in relation to financing it secured from Republic Investment Management Pte Ltd.
Panthera received the final trance of GBP100,000 after it secured GBP400,000 from the Singapore-based investors in September.
By Eric Cunha; ericcunha@alliancenews.com
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