Panther Minerals Completes Acquisition of Rubidium Ridge Project

Panther Minerals Inc., a North American mineral acquisition and exploration company, has finalized the acquisition of the Rubidium Ridge pegmatite project in Ontario, Canada. The company reports receiving necessary approvals from the Canadian Securities Exchange.

The transaction terms include a payment of $80,000 and the issuance of 4,150,000 common shares to Usha Resources Ltd. The shares are subject to resale restrictions for six months. Additionally, the project remains under a 2.0% net smelter returns royalty. Panther holds the option to repurchase half of this royalty for $1,000,000 and possesses a right of first refusal on the remaining portion.

The agreement also includes a $1,000,000 bonus for delineating a mineral resource totaling at least 10 million tonnes at a minimum grade of 1% Li₂O.