Panthera extends LCM's due diligence period again

(Sharecast News) - Gold explorer and developer Panthera Resources updated the market on its arbitration funding agreement with LCM Funding SG (LCM) on Monday, concerning potential litigation financing of up to $10.5m. The AIM-traded firm initially announced the agreement with LCM on 28 February.

In a previous statement on 31 July, it said that it had granted an extension for the due diligence phase being conducted by LCM up to 11 August.

That extension was provided to offer LCM ample time to conduct a thorough and detailed due diligence.

In its latest update on Monday, Panthera confirmed that another extension had been granted for the LCM due diligence.

The new deadline was set for 21 August.

In the update, Panthera emphasised its collaborative approach as it continued to work with LCM to ensure the due diligence process progressed smoothly.

"Following the successful completion of the LCM due diligence, the parties can then move to complete a funding confirmation notice," Panthera's board explained on Monday.

"There can be no assurance that the LCM due diligence will be completed to LCM's satisfaction."

At 0921 BST, shares in Panthera Resources were down 3.7% at 6.5p.

Reporting by Josh White for Sharecast.com.