Panthera Resources (LON: PAT) announced the sale of its investment in Anglo Saxony Mining Limited (ASM) on Friday morning, causing its shares to move higher.
The gold exploration and development company holds assets in West Africa and India while also owning the Tellerhäuser Underground Mine in Saxony, Germany.
The sale of its ASM investment is valued at £1.17 million.
The firm agreed to an unconditionally binding agreement to dispose of its 9,778,413 shares in ASM, worth £0.12 per share on the 26th of February. The company's last audited accounts of the 31st of March 2020 valued its ASM investments at £0.08 per share.
The net proceeds from the sale of interest will accelerate and improve operational activity for the company's West Africa assets and improve its's balance sheet.
“In ASM's lead-up their planned IPO, we have taken the opportunity to dispose of this non-core asset and reallocate the funds to our highly prospective gold portfolio in West Africa, which are the focus of our current operational activity,” said Mark Bolton, Managing Director of Panthera.
The share price for Panthera Resources is currently valued at 18.75p, rising 8.76% after the announcement.
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