LONDON - Panthera Resources Plc (AIM: PAT), a gold exploration and development firm with projects in West Africa and India, has announced the issuance of 1,216,175 new ordinary shares to settle accrued director and professional fees. The new shares, priced at an average of 5.88 pence each, will address fees accumulated from January 1 to September 30, 2024, for the company's non-executive directors, as well as outstanding professional service fees.
The transaction includes 616,175 shares distributed among the non-executive directors, aligning their interests with those of the shareholders by reducing the company's cash expenditures. The shares were valued based on the 30-day volume-weighted average price preceding each fee period. Chairman Michael Higgins will receive 227,012 shares, bringing his total holding to 9,546,664 shares or 4.86% of the company post-issuance. Other directors, David Stein, Catherine Apthorpe, and Timothy Hargreaves (LON:HRGV), will also receive shares, with post-issuance holdings of 0.37%, 0.35%, and 1.41%, respectively.
Additionally, 600,000 new shares will be issued to settle £36,000 of professional fees. The pricing of these shares reflects the market value when the engagement letters were agreed upon.
The company anticipates that the admission of the new shares on AIM will occur around December 30, 2024. Following this, Panthera's issued share capital will consist of 196,323,299 ordinary shares, with none held in treasury. Shareholders can use this number as the denominator for their calculations to determine whether they need to notify their interest or any change to their interest in the company's share capital as per the Financial Conduct Authority's rules.
This news release also contains forward-looking statements that reflect the company's expectations and estimates. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors that could cause actual results to differ from those projected.
The information for this article is based on a press release statement from Panthera Resources Plc.
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