Further re. enforcement of English costs orders

RNS Number : 1544P

Pathfinder Minerals Plc

15 November 2016

 

15 November 2016

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Further re. enforcement of English costs orders

Pursuant to orders by the English High Court on 23 August 2016 for the sale of a total of 19,824,000 shares in the Company held by JV Consultores Internacionais Limitada and Diogo Cavaco (together the "Defendants") (the "Orders for Sale"), Pathfinder announces that it has sold all of the 8,812,000 shares formerly held by Mr Cavaco to four purchasers for a consideration of 0.8325 pence per share, generating aggregate proceeds of £73,360 for the Company. The proceeds will further aid Pathfinder in pursuing the recovery of its mining licences.

As a result of the sale, Mr Cavaco no longer holds any shares in the Company. The sale of these existing shares does not dilute the Company's issued share capital which will continue to consist of 142,237,061 Ordinary Shares with no Ordinary Shares held in treasury.

The Orders for Sale were granted as a result of the Defendants' failure to comply with any of the orders for costs awarded against them in respect of the English High Court proceedings brought by Pathfinder in 2012. Pathfinder reserves the right to sell all of the shares in the Company held by JV Consultores Internacionais Limitada at some point in the future.  

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Broker)

Paul Shackleton or James Bavister

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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