Panthera Resources Plc (LON:PAT), the diversified gold exploration and development company with assets in West Africa and India, has announced the sale of its investment in Anglo Saxony Mining Limited (ASM) for £1.17 million (USD1.64 million). ASM owns the Tellerhäuser Underground Mine in Saxony, Germany.
The Company has entered into an unconditional binding agreement to dispose of all its 9,778,413 shares in ASM for £0.12 per share with the cash settlement anticipated being on or about 26 February 2021. In the Company’s last audited accounts as at 31 March 2020, the Company valued its investment in ASM at £0.08 per share. The net proceeds of the sale of the interest in ASM will be used to accelerate operational activity at the Company’s West Africa assets.
Mark Bolton, Managing Director of Panthera Resources, commented:
“Panthera has shared a long history with ASM having initially been involved in securing the licence and then retaining a minority stake in the company. In ASM’s lead-up their planned IPO we have taken the opportunity to dispose of this non-core asset and reallocate the funds to our highly prospective gold portfolio in West Africa, which are the focus of our current operational activity.
Importantly, the USD 1.64 million cash proceeds further strengthen Panthera’s balance sheet and will allow us to accelerate our operational activity without the need for further shareholder dilution from the issue of additional shares.”
