LONDON, UK: Panther Metals plc (LSE:PALM)has signed sale settlement for the switch of 128 mining claims constituting the company’s Big Bear Project located on the Schreiber-Hemlo Greenstone Belt.
Under the phrases of the agreement, Panther Metals (Canada) Limited has agreed to switch the claims, related data, and documentation to Fulcrum Metals (Canada) Ltd., the Canadian subsidiary of Fulcrum Metals Limited, an Irish registered company, which is seeking an preliminary public providing (IPO) on the AIM Market of the London Stock Exchange Group plc.
As consideration for the sale upon Fulcrum IPO Panther will be issued with; 20% of the entire issued share capital in Fulcrum as Consideration Shares; a payment of £200,000 and the grant of a 2% net smelter return (“NSR”) royalty.
The Agreement is conditional upon, inter alia, Fulcrum being admitted to buying and selling on the AIM Market of the London Stock Exchange Group plc. The longstop date of the Agreement completion is 31 October 2022. In the occasion that completion doesn’t happen earlier than the longstop date Panther will be due a payment of 50,000 Euro from Fulcrum.
The sale will complement Panther’s Dotted Lake property through oblique publicity to early-stage gold and base metal exploration over a additional 4 properties on the on the Schreiber-Hemlo Greenstone Belt; with an additional two properties on the Dayohessarah Lake Greenstone and the Michipicoten Greenstone Belt; while diversifying commodity publicity through Fulcrum’s two uranium exploration properties within the neighborhood of the Athabasca Basin in Saskatchewan.
Darren Hazelwood, Chief Executive Officer, commented: “As a private firm Fulcrum Metals, backed by an skilled and succesful technical team, has already constructed a highly effective and diverse portfolio of eight assets, covering precious, base and energy metals opportunities, in northern Ontario and Saskatchewan.
The deliberate AIM IPO will present Fulcrum with the necessary capital to hit the bottom running and I’m extremely excited that as a significant shareholder Panther Metals Plc will be a half of Fulcrum’s journey.
At Panther we have an enormous quantity of religion in Big Bear and this deal dietary supplements our existing pursuits within the Schreiber-Hemlo Greenstone Belt, through a listed construction at no extra capital cost to the business. This deal will present funding additional upside to Panther while permitting the Company to take benefit of different thrilling alternatives elsewhere in Ontario.
I believe we’re on the cusp of an exploration boom pushed by global demand and the necessity to safe critical mineral present from politically stable and moral jurisdictions. This strategic deal will allow Panther Metals to develop and take benefit of rising alternatives as we balance the risk/reward profile of the business.”
www.panthermetals.co.uk