TIDMPALM
RNS Number : 8667D
Panther Metals PLC
07 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
7 March 2022
Panther Metals plc
("Panther" or the "Company")
Result of Placing
Panther (LSE: PLAMN), Panther Metals plc (LSE:PALM) the company
focused on mineral exploration in Canada,, announces the completion
of the placing announced earlier today, confirming it has placed
the full amount of 4,500,000 ordinary shares (the "Placing Shares")
at a price of 8 pence per Placing Share (the "Placing Price") in a
bookbuild (the "Placing"), raising gross proceeds of approximately
GBP630,000. The Placing Shares being issued will represent
approximately 6.31% of the Company's enlarged Ordinary Share
capital following the Placing. SI Capital Limited acted as sole
bookrunner in respect of the Placing.
When issued, the Placing Shares will be credited as fully paid
and will rank pari passu in all respects with the existing Ordinary
Shares in the share capital of the Company, including the right to
receive all dividends and other distributions declared, made, or
paid on or in respect of such shares after the date of issue of the
Placing Shares.
Application will be made to the Financial Conduct Authority for
admission of the Placing Shares to the standard listing segment of
the Official List and to the London Stock Exchange (the "LSE") for
admission to trading of the Placing Shares on the LSE's Main Market
for listed securities (together "Admission"). It is expected that
Admission will take place at 8.00 a.m. on 10 March 2022 and that
dealings in the Placing Shares on the LSE's Main Market for listed
securities will commence at the same time.
Total Voting Rights
Following Admission, the Company's total issued share capital
consists of 71,341,339 Ordinary Shares. The Company does not hold
any Ordinary Shares in treasury.
Therefore, following Admission, the total number of voting
rights in Panther Metals plc is 71,341,339. This figure may be used
by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change in their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Darren Hazelwood, Chief Executive Officer, commented:
"Targeting and plate modelling complete, anomalus Platinum and
Paldium at surface, Awkward has always been a priority target on
Obonga. The potential conduit for the Awkward intrution, this EM
conductive signature has never been drill tested. With a remenant
magnetic feature that we can draw direct comparisons between this
location and the Lac Des Iles mine directly to our south, we are
delighted to have received the support to execute on our strategy
of drill testing Awkward.
True transformation of an explorer can only be triggered in the
market via the drill bit and following our successful drilling
campaign at Wishbone that confirmed VMS in the autumn this funding
round will also allow us to conduct EM surface work as we refine
our targeting in preparation for follow-up drilling.
Pushing forward in a weak market offers challenges to any
capital intensive business, it's a balancing act I believe we have
met with this raise, structural concerns around the underlying
commodity supply chain across the globe gathers pace and I believe
Panther Metals is supremely well situated to take advantage as
markets settle and the hunt for new commercially viable ore
deposits intensifies."
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429
743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Broker:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
The person who arranged for the release of this announcement was
Darren Hazelwood, CEO of the Company.
Notes to Editors
Panther Metals PLC is an exploration company listed on the main
market of the London Stock Exchange. Panther is focussed on the
discovery of commercially viable mineral deposits. The Company's
operational focus is on established mining jurisdictions with the
capacity for project scalability. Drill targets are assessed
rapidly utilising a combination of advanced technologies and
extensive geological data to decipher potential commercial
viability and act accordingly. Panther's current geological
portfolio comprises of three highly prospective properties in
Ontario, Canada while the developing investment wing focuses on the
targeting of nickel and gold in Australia.
Obonga Project
Panther acquired the Obonga Greenstone Belt in July 2021 and
have already identified four prospective primary targets: Wishbone,
Awkward, Survey and Ottertooth. A successful Phase 1 drilling
campaign at Wishbone in Autumn 2021 revealed the presence of
significant VMS-style mineralised systems on the property - the
first such discovery across the entire greenstone belt. Intercepts
include 27.3m of massive sulphide in hole one, and 51m of
sulphide-dominated mineralisation in hole two. Both drill holes
contained multiple lenses. Anomalous high-grade copper in lake
sediment close to the target area has also been identified,
increasing confidence in the prospectivity of the location.
Awkward is a highly anomalous magnetic target, interpreted to be
a layered mafic intrusion and magmatic conduit based on mapped
geology and airborne geophysics. Historic sampling in the area
returned anomalous platinum and palladium (Pt, Pd) values, while
historic drilling on the periphery of the target intersected
non-assayed massive sulphide and copper (assumed to be
chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in
coarse gabbro, and non-assayed 'marble cake' gabbro (matching the
description of the Lac des Iles Mine varitexture gabbro ore
zone).
Two additional named targets, Survey and Ottertooth, both
displays further coincident magnetic and electromagnetic anomalies
and are adjacent to the contact between intrusive and extrusive
mafic rocks. Historic drilling at Survey intersected several meters
of massive sulphides in multiple intersections (main parts of the
anomaly remain untested) while Ottertooth remains untested in its
entirety.
Dotted Lake Project
Panther acquired the Dotted Lake Project in July 2020, it is
situated approximately 16km from Barrick Gold's renowned Hemlo Gold
Mine. An extensive soil programme conducted in 2021 identified
numerous gold and base metal targets, all within the same
geological footprint. Following the installation of a new trail
providing direct access to the target location, an initial drilling
programme in Autumn 2021 confirmed the presence of gold
mineralisation within this system with anomalous gold continuing
along strike and present within the surrounding area.
Big Bear Project
The acquisition of various prospects in 2018 and 2019
consolidated previously fragmented areas into the wider Big Bear
umbrella project, priming Panther for extensive and comprehensive
exploration in the area. A total of 253 geophysical anomalies have
been identified, with 39 designated for priority investigation.
Gold in soil anomalies in have been identified in five areas,
ranging up to 0.71g/t, extending up to 250m wide and open along
strike. Gold bearing quartz veins have been outlined within seven
separate areas (two with rock and vein samples grading 1 to 5 g/t
Au, four with quartz vein sample assays above 5g/t Au, and two
quartz samples collected at 50m separation on an E-W trending vein
open in both directions returning 105.5g/t Au and 112g/t Au
respectively).
The Little Bear Lake and Schreiber prospects are of particular
interest to the company: historic work programmes in 2010 and 2011
targeted an intense magnetic response from both. Assays yielded
from the 1.6km long gold trend included 6m at 1.5g/t Au, up to
53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t
Ag in soil. Historical bulk sampling reported 150t averaging
17.6g/t Au, while historical drill intersections include 0.55m at
19.2% Zn and 4.6% Cu from 15.2m depth.
Panther Metals Australia
Following the listing of Panther Metals' Australian assets on
the Australian Securities Exchange ("ASX") in December 2021, the
valuation of the Company's 36.6% holding in the business has risen
by over 30% to a valuation of almost GBP3m. The ASX listing has
provided the Australian projects with the necessary capital to
advance drill-ready targets focused on nickel and gold (within the
Tier 1 Mining Districts of Laverton WA and in the NT). Through this
spin-out Panther holds an attractive investment prospect, without
any disruption to the Company's capital structure and without any
financial obligations.
Conclusion
Panther understand that the commercial realities of building an
exploration company requires expertise in geology, finance, and the
markets within which they operate. The Company's extensive network
of industry leaders allows it to meet these objectives. Ultimately
however, drilling success is the only route to discovery: the
fundamental objective of any exploration company. Once Panther's
world-class geological team identify the anomalies, they work hard
to get drilling. The drill hole is the only place where substantial
and sustained capital growth originates and it's with that
operational focus Panther will continue to advance.
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END
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