Panthera Resources Plc (LON:PAT), the diversified gold exploration and development company with assets in West Africa and India, has announced that the sale of the Kalaka Project to Moydow Holdings Ltd has now been completed.
On 22 July 2020, Panthera announced that it has entered into a conditional sale and purchase agreement (Agreement) to divest its interests in the Labola gold project in southwest Burkina Faso and the Kalaka gold project in southwest Mali to Moydow.
With the transfer of Kalaka now completed, Panthera is entitled to receive the remainder of the deferred consideration (US$60,000) and refund to Panthera the 2H 2020 historical costs on Kalaka forecast at US$115,000. Furthermore, Panthera is entitled to receive 0.5 million shares in Moydow increasing its ownership interest in Moydow to 46.2%. The consideration is anticipated to be received shortly.