Issue of Equity and Total Voting Rights

RNS Number : 5144X

Pathfinder Minerals Plc

04 May 2021

 

4 May 2021

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

£420,000 Placing and Total Voting Rights

Pathfinder announces that it has entered into an agreement to raise £420,000 before expenses from new and existing investors by way of a placing of 70,000,000 new ordinary shares of 0.1 pence each ("Ordinary Shares") at a price of 0.6 pence per share ("Placing Shares"); and to issue broker warrants as part commission over 3,500,000 Ordinary Shares at the same price valid for a period of three years (the "Placing").

The price that the Placing was conducted at represents a 9% premium to the closing price of an Ordinary Share on Friday, 30 April 2021.

The net proceeds from the Placing will be used to advance the Company's Bilateral Investment Treaty Claim (the "Claim") against the Government of Mozambique. The Company is in discussions with various parties who have expressed an interest in participating in the Claim in conjunction with the Company.

The net proceeds will also be used to progress diligence into mining projects which the Board believes could be strategically beneficial to the Company.

Application will be made for the 70,000,000 Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 10 May 2021.

Upon Admission of the Placing Shares, the Company's issued share capital will consist of 531,328,168 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 531,328,168. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Peter Taylor, Chief Executive Officer of Pathfinder, commented:

"Pathfinder has secured its near to medium term future with funding at a 9% premium. This, in conjunction with further potential contributions from the costs awards against the Company's former partners in Mozambique, and the diverse array of opportunities the Company is investigating, is testament to the progress we are making across the board."

Enquiries:

Pathfinder Minerals Plc

Peter Taylor, Chief Executive Officer

Tel. [phone]

Strand Hanson Limited (Nominated & Financial Adviser)

James Spinney / Ritchie Balmer / Rob Patrick

Tel. [phone]

Vigo Communications (Public Relations)

Ben Simons / Simon Woods

Tel. [phone]

Email. [e-mail]

Novum Securities Limited (Corporate Broker)

Colin Rowbury / Jon Belliss

Tel. [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

END

 

 

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