Panther Metals PLC sold its entire stake in Fulcrum Metals PLC on Monday, after Fulcrum released Panther from a lock-in agreement ‘in order to satisfy investor demand’.
Panther on Tuesday said it sold 7.6 million Fulcrum shares at 3.5 pence, worth £266,879. It didn’t give a reason for making the disposal.
Fulcrum shares were untraded in London early Tuesday, quoted at 4.75p, down 5.0%. They last traded at 4.60p on Monday. Panther shares also were untraded, quoted at 38.50p, unchanged. They last traded at 37.15p on Monday.
Fulcrum said the shares sold by Panther represent a 12.3% stake in the company. Last month, Panther entered a lock-in agreement with Fulcrum, agreeing to not sell its Fulcrum shares until May 15. However, Fulcrum on Tuesday said it agreed to release Panther from the undertaking to allow the share sale, which was run by Fulcrum’s broker Clear Capital Markets Ltd.
‘The completion of this transaction has strengthened our shareholder register and we look forward to updating shareholders on our commercial and operational progress in due course,’ Fulcrum Chief Executive Officer Ryan Mee said.
Panther is developing the Obonga and Dotted Lake projects in the Canadian province of Ontario, while Fulcrum operates the tailing sites of the former Teck Hughes and Sylvanite mines in Kirkland Lake, Ontario.
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