19th Feb 2019 09:45
LONDON (Alliance News) - Shares in Panthera Resources PLC rose on Tuesday on the receipt of USD250,000 in funding from Galactic Gold Mines Pvt Ltd.
Shares in the gold exploration company were trading 17% higher at 8.64 pence each on Tuesday.
In mid-December, following technical and legal due diligence on the Bhukia project in India, Galactic Gold Mines agreed to acquire a 10% stake in Panthera's subsidiary Indo Gold Pty Ltd for USD1.3 million.
The 10% interest will be purchased in two 5% stages. The first stage will be acquired for USD500,000 consisting of two payments. The payment just received by Panthera was the first of the two payments, with the second due before the end of March.
The second 5% stake will be bought for USD750,000 before exploration at Bhukia recommences, which is expected to take place in mid to late 2019.
Related Shares:
Panthera Res.