Panther Metals PLC (LON:PALM) said it plans to list its Australian assets on the Australian Securities Exchange, potentially giving them greater access to the capital required to move into development.
Panther, which has three gold projects in Australia and two projects in Canada, has converted the status of its subsidiary company in Australia to Panther Metals Ltd.
The exploration company said Panther Metals Ltd is expected to raise a minimum of A$5mln (£2.8mln) in new capital through an initial public offering and that initial discussions have started with potential brokers.
“The independent listing of Panther Australia not only provides the required capital to develop the assets in that business, but it also simultaneously gives a market value to our subsidiary,” said chief executive Darren Hazelwood.
Panther Metals PLC will continue to hold a material position in the limited company upon its listing on the Australian bourse.
“The ASX listing will allow Panther to maintain a material investment in our Australian assets whilst raising new capital for them,” said Hazelwood.
“In addition, the listing facilitates the integration of the Bonanza and Bluebrook exploration properties into the expanded Australian operation and allows for the financial independence of Panther Australia.”
“This provides significant upside for Panther and allows us to better manage the opportunities associated with our Canadian assets, whilst obtaining the ASX listing of Panther Australia will also allow us to give serious consideration to other opportunities that could form a generative pipeline in the future,” he added.
An option agreement on the Bluebrook and Bonanza mineral exploration licences has been extended until the end of October 2021 on the same terms as announced last November 2020 at no additional cost.