LONDON, UK: Panther Metals plc (LSE:PALM)has signed sale agreement for the transfer of 128 mining claims constituting the company’s Big Bear Project located on the Schreiber-Hemlo Greenstone Belt.
Under the terms of the agreement, Panther Metals (Canada) Limited has agreed to transfer the claims, associated data, and documentation to Fulcrum Metals (Canada) Ltd., the Canadian subsidiary of Fulcrum Metals Limited, an Irish registered company, which is seeking an initial public offering (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 trading on the AIM Market of the London Stock Exchange Group plc. The longstop date of the Agreement completion is 31 October 2022. In the event that completion does not occur before the longstop date Panther will be due a payment of 50,000 Euro from Fulcrum.
The sale will supplement Panther’s Dotted Lake property through indirect exposure to early-stage gold and base metal exploration over a further four properties on the on the Schreiber-Hemlo Greenstone Belt; with an additional two properties on the Dayohessarah Lake Greenstone and the Michipicoten Greenstone Belt; whilst diversifying commodity exposure through Fulcrum’s two uranium exploration properties in the vicinity of the Athabasca Basin in Saskatchewan.
Darren Hazelwood, Chief Executive Officer, commented: “As a private company Fulcrum Metals, backed by an experienced and capable technical team, has already built a powerful and diverse portfolio of eight assets, covering precious, base and energy metals opportunities, in northern Ontario and Saskatchewan.
The planned AIM IPO will provide Fulcrum with the necessary capital to hit the ground running and I’m incredibly excited that as a significant shareholder Panther Metals Plc will be part of Fulcrum’s journey.
At Panther we have a huge amount of faith in Big Bear and this deal supplements our existing interests in the Schreiber-Hemlo Greenstone Belt, through a listed structure at no extra capital cost to the business. This deal will provide investment further upside to Panther whilst allowing the Company to take advantage of other exciting opportunities elsewhere in Ontario.
I believe we are on the cusp of an exploration boom driven by global demand and the need to secure critical mineral supply from politically stable and ethical jurisdictions. This strategic deal will allow Panther Metals to grow and take advantage of emerging opportunities as we balance the risk/reward profile of the business.”
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