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Panthera Resources agrees to extend deadline for Kalaka gold project sale to Moydow
StockMarketWire.com
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Gold exploration and development company Panthera Resources said it had struck an agreement to extend the deadline to complete the sale of the Kalaka gold project to Moydow.
The company agreed to extend the date for completion of the sale of the Kalaka gold project to Moydow, to 14 January 2021 from 31 December 2020.
'The transfer of Panthera's interest in the Kalaka project to Moydow remains in progress pending an internal corporate restructure by Panthera,' the company said.
Under the terms of the deal announced in July 2020, Moydow agreed to issue three million shares and pay US$350,000 for the sale of Panthera's interest in the Labola and Kalaka projects.
Under the agreement, if the transfer of Panthera's interest in the Kalaka project to Moydow completes on or before 14 January 2021, then Moydow would 'settle the remainder of the deferred consideration of US$60,000 and refund to Panthera the 2H 2020 historical costs on the Kalaka project, forecast at US$115,000, on completion,' it added.
If the transfer of the Kalaka project does not occur on or before 14 January 2021, Panthera would retain its interest in the Kalaka project and 0.5 million of the share consideration would be rescinded.
At 9:52am: (LON:PAT) Panthera Resources Plc Ord 1p share price was 0p at 9.5p
Story provided by StockMarketWire.com
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