LONDON (ShareCast) - (Sharecast News) - Gold exploration and development company Panthera Resources announced on Tuesday that the initial $0.25m of funding from Galactic Gold Mines (Galaxy) has been received.
The AIM-traded firm said that following "extensive" technical and legal due diligence by its team in India, Galaxy had agreed to purchase a 10% stake in Panthera's 100%-owned subsidiary Indo Gold (IGL) for $1.25m, and earn additional equity by providing ongoing support and services to advance the Bhukia joint venture project in Rajasthan, India.

Galaxy agreed to purchase the 10% interest in IGL in two 5% stages.

In the first stage, a 5% stake was being purchased for $0.5m, consisting of two payments.

The payment just received was the first of two $0.25m payments, with the next amount due before 31 March.

"The second 5% stake is due to be purchased for $0.75m prior to the re-commencement of exploration," the Panthera board said in its statement, which was now expected in mid-to late 2019.

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