Enforcement of English costs orders

RNS Number : 8801B

Pathfinder Minerals Plc

22 June 2016

 

Embargoed: 0700hrs 22 June 2016

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Enforcement of English costs orders

Pathfinder announces that on 21 June 2016 the English High Court made final charging orders against the aggregate 19,824,000 shares held by JV Consultores Internacionais Limitada ("JVC") and Diogo Cavaco in the Company (the "Charging Orders").

By way of background, and as previously announced, Pathfinder and its wholly owned subsidiary, IM Minerals Limited ("IMM" and, together, the "Claimants"), brought substantive legal proceedings in England (the "English Proceedings") against General Jacinto Soares Veloso, JVC (General Veloso's company) and Mr Cavaco (together the "Defendants"). The Claimants obtained judgment to the effect that, amongst other things, IMM validly acquired 99.99% of the issued shares of Companhia Mineira de Naburi S.A.R.L. ("CMDN"). The English Court ordered the Defendants to pay the Claimants' costs of the English Proceedings and made a number of orders for payment of, and on account of, those costs, aggregating £1,106,000 (the "Costs Orders"). The Defendants have not complied with any of the Costs Orders.  

JVC and Mr Cavaco acquired their shares in the Company pursuant to a share exchange agreement entered into in 2010, one of the agreements by which IMM acquired its shareholding in CMDN. The effect of the Charging Orders is to charge JVC's and Mr Cavaco's shares in the Company with payment of the amount of the Costs Orders plus interest, currently totalling in excess of £1,400,000. Obtaining the Charging Orders over the Defendants' shares in Pathfinder is an important step in the enforcement in England of the Costs Orders.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Broker)

Paul Shackleton or Mark Leonard

Tel. [phone]

Vigo Communications

Ben Simons or Ali Roper

Tel. [phone]

Email. [e-mail]

Notes to Editors:

Pathfinder Minerals Plc is incorporated in England and is admitted to trading on the AIM market of the London Stock Exchange.

Companhia Mineira de Naburi S.A.R.L., a subsidiary of Pathfinder Minerals, was issued mining concession licences 760C and 4623C on 13 September 2004 and 13 July 2011 respectively, each for a period of twenty-five years. Taken together, these mining concessions cover approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.

As announced on 3 February 2012, ownership of these licences is being disputed.

 

END

 

 

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