Issue of Equity & Proposed Board Changes

RNS Number : 5728N

Pathfinder Minerals Plc

09 May 2018

 

9 May 2018

Pathfinder Minerals plc

("Pathfinder" or the "Company")

Issue of Equity

&

Proposed Board Changes

Pathfinder announces that it has raised £250,000 via a subscription for 25,000,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 1p per share (the "Subscription"). The proceeds from the Subscription will provide the Company with additional working capital as it pursues the recovery of the mining licences previously registered to its subsidiary in Mozambique under mining concession licences 760C and 4623C.

Pursuant to the Subscription, the Company will issue one warrant for each Subscription share with a conversion price of 1.5p, valid for a period of three years from the date of grant.

The Company will apply for the admission of the Subscription shares to trading on AIM and this is expected to take place on or around 15 May 2018 ("Admission"). Following Admission, the Company's issued share capital will consist of 255,819,182 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure may be used by shareholders 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, Pathfinder under the FCA's Disclosure and Transparency Rules.

In addition, Pathfinder is pleased to announce that it intends, subject to customary directorate appointment regulatory due diligence, to appoint Blair Sergeant and Simon Farrell to the board as Chief Executive Officer and Non-executive Co-chairman respectively.

Mr Sergeant is an experienced mining financier and company director. Mr Sergeant was the Founding Managing Director of Lemur Resources Limited, an ASX-listed Madagascar coal exploration and development company, and was the Finance Director of AIM-listed Coal of Africa Limited between January 2008 and April 2011, where he worked alongside its Founding Managing Director and Chief Executive Officer, Mr Farrell. Mr Sergeant graduated from Curtin University, Western Australia with a Bachelor of Business and, subsequently, a Post Graduate Diploma in Corporate Administration. He is a member of the Institute of Chartered Secretaries and Administrators and an Associate of the Australian Society of Certified Practising Accountants.

Mr Farrell is a mining entrepreneur who has held a number of senior management and board positions, principally in the natural resources sector, over the past 30 years. Mr Farrell was between 2000 and 2013 a Non-executive Director of Kenmare Resources plc, which operates the Moma Titanium Minerals Mine on the north east coast of Mozambique and is listed on the Main Market of the London Stock Exchange. He was also the Founding Managing Director and Chief Executive Officer of AIM-listed Coal of Africa Limited. Mr Farrell has a Bachelor of Commerce degree from the University of Western Australia, an MBA from the Wharton School of the University of Pennsylvania and is a Fellow of the Australian Society of Certified Practising Accountants.

It is intended that, upon the appointments of Mr Sergeant and Mr Farrell to the board of Pathfinder, Nick Trew, the Company's Chief Executive Officer, will become Executive Director, Sir Henry Bellingham, the Company's Non-executive Chairman, will become Non-executive Co-chairman and Robert Easby, the Company's Finance Director, will step down from the board but will continue to oversee the finance and company secretarial functions. A further announcement concerning the proposed appointments of Mr Sergeant and Mr Farrell will be made in due course.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:                                                                                                        

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Corporate Broker)

James Joyce or Jessica Cave

Tel. [phone]

Vigo Communications (Public Relations)

Ben Simons or Kate Rogucheva

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.

CMdN, a subsidiary of Pathfinder, 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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