Panther Metals PLC - Acquisition of Parthian Resources Pty Ltd, Australia

Panther Metals PLC - Acquisition of Parthian Resources Pty Ltd, Australia

PR Newswire

London, December 17

Panther Metals PLC
("Panther Metals" or the "Company")

Acquisition of Parthian Resources Pty Ltd, Australia

Panther Metals PLC ("Panther" or the "Company") (NEX:PALM), is pleased to announce the completion of a non-binding Heads of Terms Agreement ("the Agreement") which considers the acquisition of all the issued shares in Parthian Resources Pty Ltd. ("Parthian") in Australia, such that Parthian will become a wholly-owned subsidiary of Panther Metals.

Mitchell Smith, Chief Executive Officer, commented:

"It is envisaged that via this transaction Panther Metals will gain access to various exploration opportunities in Australia, with a particular focus on Western Australia and the Northern Territory. The Company has been made aware of certain gold and base-metal opportunities, which in the future have the potential to become the core of a broader strategy for Panther Metals in Australia.

Parthian was established in late 2016, by a dedicated group of mineral resource entrepreneurs and their investors, largely based in Perth, Australia. In addition to retaining approximately A$160,000 in cash, the company maintains an extensive geoscientific database focused on its prior area of interest. While this database has no immediate application in the context of Panther Metals, we recognise its value and will look to identify opportunities to benefit from it in the longer-term.

While the conclusion of this transaction is dependent upon the satisfactory completion of due diligence, we look forward to working with the Parthian team to ensure a smooth process and the successful completion of this transaction by early Q1 2019."

Deal Terms

This transaction envisages the 100% acquisition of Parthian, through the issue and in-specie distribution of new fully-paid shares in Panther such that Parthian shareholders will own 15% of the enlarged share capital of the Company, post-completion. Parthian will become the wholly-owned operating subsidiary of Panther in Australia and will change its name to Panther Metals Pty. Ltd., accordingly. Completion of the transaction will be subject to appropriate due diligence on Parthian and is expected to conclude during January 2019.

The existing board of Parthian have indicated their willingness to resign as directors of the company, in order that Panther may appoint a new board of its own. In addition, Parthian shareholders will be subject to a prohibition on the sale of more than 25% of their ordinary shares in any given month for a period of three months, following a four month lock-in period.

As an existing shareholder and director of Parthian, Dr. Kerim Sener, non-executive Chairman of Panther Metals, has abstained from any decisions associated with this transaction. On completion, Dr. Sener will own approximately 4% of the total shares in issue of the enlarged share capital of the Company.
The Directors of the Company accept responsibility for the contents of this announcement.

For further information on the Company:

The Company PANTHER METALS PLC Darren Hazelwood, Non-Executive Director Mitchell Smith, Chief Executive Officer	www.panthermetals.co.uk + 44 (0)7971 957 685 + 1 [phone] [e-mail]
NEX Exchange Corporate Adviser PETERHOUSE CAPITAL LIMITED Mark Anwyl Guy Miller	[phone]