Panther Metals PLC (LON:PALM) has completed the acquisition of the Merolia Gold Project in the Eastern Goldfields of Western Australia from White Cliff Minerals.
Panther paid the ASX-listed firm A$112,500 plus 734,470 Panther shares, on top of which White Cliff will be entitled to a payment of A$1.25 per ounce of gold contained within any JORC (or similar reporting code) mineral resource estimate derived from the acquired project.
Half of the shares being issued as part of the consideration are subject to a six-month lock-up restriction and the other half may not be sold until 12 months have elapsed.
"Our entry into the highly prolific Laverton greenstone belt in the Eastern Goldfields Province, in a known gold mineralised zone, which is still largely untested, caps a remarkable year for the business and our shareholders. The property contains some significant drilling intercepts which we look forward to using as a base to grow a resource,” said Darren Hazelwood, chief executive officer of Panther.
“The experience we bring to this project provides a huge amount of comfort as we start to implement our strategy and begin the required work to advance this into a commercially viable project,” he added.