17th Jun 2020 14:56
(Alliance News) - Panthera Resources PLC said it has extended its partnership with Galaxy Gold Mines Pvt Ltd until December 16.
In 2018, the Manchester-based gold explorer said it agreed a partnership with the company formerly known as Galactic Gold Mines Pvt Ltd for the Bhukia project in India.
Galactic Gold agreed to acquire a 10% stake in Panthera's subsidiary Indo Gold Pty Ltd for USD1.3 million with the option to acquire an additional 12% stake by providing legal, permitting, and technical support for the Bhukia joint venture. It also had the option to earn additional equity in Indo Gold by providing drilling and logistic services on the restarting of exploration at Bhukia.
On Wednesday, Panthera said Galaxy has invested USD500,000 in Indo Gold for a 5% stake. It has the option to invest a further USD750,000 prior to the re-commencement of exploration at Bhukia for the additional 5% interest to reach 10%.
Panthera stock was trading 4.7% lower at 4.52 pence each on Wednesday afternoon in London, and 25% lower than at the start of the year.
By Ife Taiwo; [email protected].
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