American Marconi Wireless News - Panther Completes Acquisition of Rubidium Ridge Project

The Company confirms that it has received all necessary approvals from the Canadian Securities Exchange to proceed with the close of the Transaction.

Transaction Terms

Pursuant to the terms of the Transaction, and in consideration of the closing of the acquisition, the Company has initiated payment of the $80,000 cash consideration and issuance of the 4,150,000 common shares of the Company (the "Consideration Shares") to Usha. The Consideration Shares will be subject to resale restrictions expiring six (6) months from the date of issuance.

The RR Property remains subject to a 2.0% net smelter returns royalty (the "NSR") in favour of the original optionors. The Company retains the right to repurchase 50% of the NSR for $1,000,000 and holds a right of first refusal to acquire the remaining 50%.

In addition, the Company will be required to pay a $1,000,000 bonus upon delineation of an inferred resource or higher resource classification totaling at least 10 million tonnes at a minimum grade of 1% Li₂O.

The Company further confirms that the number of Consideration Shares to be issued has been corrected from the originally announced 4,500,000 common shares to 4,150,000 common shares and all other terms of the Transaction remain unchanged.

About Panther Minerals Inc.

Panther Minerals Inc. is a North American mineral acquisition and exploration company focused on the development of quality precious and base metal properties that are drill-ready with high-upside and expansion potential. Panther Minerals trades on the CSE under the symbol PURR, on the OTCQB under the symbol GLIOF, and on the Frankfurt Stock Exchange under the symbol 2BC.

PANTHER MINERALS INC.

Ram Kumar, CEO and Director

For more information, please call 877-305-4150, email [email protected].

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding the Company's plans to advance the RR Property, the potential of the Property, and the anticipated benefits of the Transaction.

Forward-looking statements are based on management's current expectations and assumptions, including assumptions regarding the Company's ability to carry out exploration activities, the availability of financing, and general economic and market conditions.

Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including, without limitation, risks related to exploration activities, the results of future exploration programs, regulatory approvals, market conditions, and the availability of financing.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update or revise forward-looking statements except as required by applicable law.

SOURCE: Panther Minerals Inc.

View the original press release on ACCESS Newswire

D.Sawyer--AMWN