Panthera Resources Plc (LON:PAT), the diversified gold exploration and development company with assets in West Africa and India, has announced that it has secured commitments of £120,129 for the early exercise of unlisted warrants over ordinary shares in the capital of the Company.
Highlights
· 1,798,344 warrants to be exercised early for proceeds of £120,129 at an exercise price of 6.68 pence per warrant
· Proceeds will accelerate work programmes in West Africa
Following the recent strong share price performance, the Company invited its warrant holders to exercise their unlisted warrants to Ordinary Shares well in advance of their 16 December 2021 expiration date. The Company has 4,747,149 warrants on issue exercisable at 6.68 pence each. The warrants were issued as part of the equity capital raising as announced on 15 May 2020.
To date, the holders of 1,798,344 warrants have undertaken to an early exercise on or before 27 November 2020. The warrant exercise proceeds will primarily be applied towards the various work programmes in West Africa, as outlined in previous announcements. A further 527,500 warrants, held by certain Directors of Panthera, are precluded from committing to exercise their warrants at this time while the Company is subject to a ‘blackout period’ ahead of the release of the Company’s Half Year Financial Statements, due to be released by the end of year.
Upon the exercise of the warrants, application will be made for 1,798,344 new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange, with admission expected to occur on or before 3 December 2020 (Admission). The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.
Upon Admission of the new Ordinary Shares, the Company’s issued share capital will consist of 86,782,754 Ordinary Shares.
For the purposes of the Financial Conduct Authority’s Disclosure and Transparency Rules (DTRs), the issued Ordinary Share capital of Panthera following this allotment will consists of 86,782,754 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Panthera under the DTRs.
There are no transaction and advisory fees payable for the early conversion of the warrants.
Mark Bolton, Managing Director of Panthera Resources, commented:
“Dilution is the largest cost in the development of any minerals project, the Company is committed to managing its capital structure responsibly.
The arrangement with our warrant holders follows the recent Moydow spin-out where the Company secured financing for two of its projects and US$350,000 in cash proceeds while also not diluting shareholders.
The Company expresses its thanks for the ongoing support of our shareholders that have, at the Company’s invitation, undertaken to exercise their warrants early. The exercise proceeds will assist the Company to accelerate its work programmes in West Africa.”
