Panther Metals shares fell on Friday despite announcing the completion of the disposal of their Big Bear project through the IPO of Fulcrum Metals.
Panther Metals shares were trading at 4.25p at the time of writing, down 1%.
Under the terms of the deal, Panther Metals will retain a 2% smelter royalty for the Big Bear project and will receive £200,000 in cash from Fulcrum.
“Over the past three years since we listed, over a challenging market and over a period of global turmoil, Panther Metals have accomplished much in the relatively short space of time. We have built-up and divested assets in Canada and Australia to allow us to create value and broaden our reach whilst not destroying our capital structure,” said Darren Hazelwood, Chief Executive Officer at Panther Metals.
Panther Metals will have a 20% interest in Fulcrum Metals, worth £1.745m at the placing price.
Fulcrum Metals will begin trading on London’s AIM next week with the admission price set at 17.5p.