While substantial progress has been made, the extension of time is required due to the limited progress over the holiday period.
On July 22, 2020, Panthera announced that it had entered into a conditional sale and purchase agreement to divest its interests in the Labola gold project in southwest Burkina Faso and the Kalaka gold project in southwest Mali to Moydow.
Moydow agreed to issue three million shares and pay US$350,000 in cash as consideration for the divestment of Panthera’s interest in the Labola and Kalaka projects. Part of the cash consideration in the amount of US$150,000 is deferred until March 31, 2021.
The transfer of Panthera’s interest in the Kalaka project to Moydow remains in progress pending an internal corporate restructuring by Panthera.
On November 26, 2020, the company advised that it had entered into a further variation agreement with Moydow, which has now advanced a further US$90,000 of the deferred consideration with the proceeds applied to the Kalaka IP survey in December 2020.
If the transfer of Panthera’s interest in the Kalaka project to Moydow completes on or before January 14, 2021, or such other date as agreed, Moydow will settle the remainder of the deferred consideration (US$60,000) and refund to Panthera the 2H 2020 historical costs on the Kalaka project, forecast at US$115,000, on completion.
Moydow may elect to waive any conditions, if any, to the transfer of Panthera’s interest in the Kalaka project. If the transfer of the Kalaka project does not occur on or before January 14, 2021, unless extended, Panthera will retain its interest in the Kalaka project and 0.5 million of the share consideration will be rescinded.