TIDMPALM
RNS Number : 5354U
Panther Metals PLC
02 August 2022
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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,
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BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
2 August 2022
Conditional Placing to raise GBP1,148,000
Panther Metals plc (LSE:PALM) the company focused on mineral
exploration in Canada, announces the completion of conditional
placing, confirming it has placed 22,960,000 ordinary shares of no
par value (the "Placing Shares") at a price of 5.5 pence per
Placing Share (the "Placing Price") in a placing (the "Placing"),
raising gross proceeds of GBP1,148,000. The Placing is subject to
the publication of a prospectus and applications have been 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 the prospectus will be
published on 15 August 2022 and Admission will take place at 8.00
a.m. on 17 August 2022, with dealings in the Placing Shares on the
LSE's Main Market for listed securities also commence at 8.00 a.m.
on 17 August 2022.
Each Placing Share will be issued with one warrant attached
entitling the holder to subscribe for one new ordinary share at a
price of 8.5 pence (the "Warrants"). The Warrants have a life of 36
months from the date of Admission and are subject to an accelerator
so that in the event that the Company's shares trade at a volume
weighted average price of 20 pence or more for five of more trading
days (the "Accelerator Target") the Company is obligated to give
notice to holders of the Warrants that any outstanding Warrants
must be exercised within 14 calendar days' and on 14 calendar days'
settlement terms. If the Accelerator Target is achieved, any
Warrants not so exercised will lapse.
The Placing Shares being issued will represent approximately
24.35% of the Company's enlarged Ordinary Share capital following
the Placing.
The Placing Price represents a 12% discount to the mid-market
closing price of the Company's shares on 1 August 2022, the date of
the arrangement of the Placing.
SI Capital Limited acted as sole placing agent 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.
The Company will seek convene a general meeting shortly to seek
new authorities to allot shares generally (given that the Placing
utilises the authorities taken at the last annual general meeting
in full) and for specific authority to allot a further 1,920,000
shares pursuant to the exercise of the Warrants to be issued in
connection with the Placing.
Use of the Placing Proceeds
The net Placing proceeds will primarily be used to fund
exploration drilling work in Canada with the primary focus on
diamond drilling (up to 3,000m total planned) at the Obonga Project
where current permits allow diamond drilling over five separate
high prospective multi-commodity targets.
The forthcoming Obonga Project 2022 Diamond Drilling Programme
will include the following permitted drilling targets:
Wishbone Prospect - 6 drillholes (up to 1,200m total) planned.
Targeting base metals. Drilling will follow-up on the successful
discovery of volcanogenic massive sulphide ("VMS") mineralisation
by the two hole diamond drilling campaign in the autumn of 2021 The
2021 drill hole intercepts included 27.3m of massive sulphide in
hole 1 and 51m of sulphide-dominated mineralisation in hole 2;
Awkward Prospect - 3 drillholes (up to 600m total) planned.
Targeting platinum group element ("PGE") and nickel mineralisation.
Awkward is a highly anomalous coincident magnetic and
electromagnetic ("EM") geophysics target interpreted to be a
layered mafic intrusion and magmatic conduit based on EM
plate-modelling commissioned by Panther. Historic sampling has
confirmed the presence of anomalous platinum and palladium values,
while historic drilling on the periphery of the target has
confirmed massive sulphide mineralisation hosted in coarse gabbro
and "marble cake' gabbro matching the description of the
varitexture gabbro ore zone at the Impala Lac des Iles PGE
mine;
Survey Prospect - 3 drillholes (up to 600m total) planned.
Survey is an anomalous magnetic and EM target adjacent to contact
between intrusive mafic rocks and extrusive mafic rocks. One
historic drill hole, despite only reaching a depth of 23.5m,
intersected several meters of massive sulphides in multiple
intersections, of which the main parts were not tested;
Ottertooth Prospect - 2 drillholes (up to 400m total) planned.
Targeting VMS style mineralisation including copper, lead, zinc,
silver and gold. Ottertooth is an anomalous magnetic and EM target
adjacent to the contact between intrusive mafic rocks and extrusive
mafic rocks and sharing distinctive geological similarities to the
Survey Prospect. Unlike the Survey Prospect, Ottertooth is entirely
untested historically or by the Company; and
Silver Rim Prospect - 1 hole (up to 200m) planned. Targeting
intrusion hosted nickel, copper and precious metals. Silver Rim is
an anomalous magnetic and EM geophysics target. Anomalous lithium
has been identified in lake sediment at the target, while silver
has been identified through soil sampling. No historic drilling has
been conducted and the area remains otherwise untested.
In addition to the planned diamond drilling at Obonga the
Placing proceeds will also be used to advance gold focussed
exploration work at the Dotted Lake Project and the Manitou Lakes
Project and in support of the Company's working capital
requirements.
Total Voting Rights
Following Admission, the Company's total issued share capital
consists of 94,301,339 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 94,301,339. 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:
"In a challenging market explorers must face tough choices; at
Panther Metals we have studiously built the business during a time
of unprecedented upheaval. We now sit at a pivot point with
multiple permitted drill-ready targets, any one of which could
transform the Company and propel us onto the next level.
In committing to this financing, the Board was left with three
options: raise to "keep the lights on"; raise to drill a single
target that would likely see us quickly returning to the Market; or
raise to embark on one of the most audacious, cost effective,
discovery drilling campaigns ever conducted by a Canada-focussed
London listed junior. We chose the latter.
Dilutive events are an inevitability of investing in the
exploration sector and this raise is undoubtedly a painful one for
all our existing shareholders. However, this financing also
provides the greatest opportunity to transform Panther Metals.
We are embarking on a campaign that will see us drill fifteen
holes at five separate targets on the Obonga Greenstone Belt from
late summer into autumn, including at Wishbone, following our
discovery of a VMS system last autumn. Our targets are prospective
for Copper, Nickel, Platinum group metals, Lithium, Gold and
Silver.
Fully funded to conduct our campaign we enter the most exciting
period in our history and I look forward to updating the market as
we progress over the coming months."
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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