Issue of Equity

RNS Number : 0428D

Pathfinder Minerals PLC

16 March 2011

 



pathfinder minerals plc

("the Company")

Issue of Equity

The Company has today issued and allotted 666,667 new ordinary shares of 1p each in the capital of the Company in respect of the exercise of warrants (the "Warrant Shares"). The exercise price is 1.5p pence per share and therefore the total subscription price received by the Company is £10,000.

The Warrant Shares will rank pari passu with the existing ordinary shares in issue in all respects. Following the issue of the Warrant Shares the Company will have 812,167,230 ordinary one penny shares in issue.

Application has been made to AIM for admission of the Warrant Shares which is expected to occur, and dealings to commence, at 8.00 a.m. on 21 March 2011.

Grant of options

The Company has granted to James Normand, a director, options to subscribe for up to 16,000,000 ordinary 1 pence shares in the Company at an exercise price of 4.75 pence per share (the price at which new shares were placed following the General Meeting of shareholders held on 9 February 2011).  These options are exercisable at any time between the first and tenth anniversaries of the grant (or earlier in the event of an offer for the whole of the Company's shares).

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone] (via M: Communications)

Daniel Stewart & Company Plc

Oliver Rigby or James Thomas

Tel: [phone]

M: Communications

Ben Simons or Maria Souvorov

[phone] /2327

Notes to Editors

Pathfinder Minerals, through a wholly owned subsidiary, has a 100% interest in two licences to mine heavy minerals sands, containing a potential titanium dioxide ore resource. The Naburi Licence and Moebase Licence, formerly owned by BHP Billiton, are over land located on and near the Indian Ocean coast of Mozambique. Historical reported mineral resources on the property are estimated at 2.02 billion tonnes grading 3.55% total heavy mineral, which is equivalent to approximately 71.7 million tonnes of contained heavy minerals.  Confirmatory drilling and metallurgical test work will be required to upgrade the classification of the Mineral Resources in accordance with current AusIMM, SAMREC or CIM resource classification codes.

Exploration work conducted on the licences from the mid-1980s through to 2002 has identified significant mineralisation. Bulk sampling and metallurgical test work conducted in support of pre-feasibility and feasibility studies in the mid-1990s indicates that valuable heavy minerals can be recovered using conventional dredge mining, wet concentration and dry mineral separation processes.

The Company intends to undertake a feasibility study on the licences.

Heavy Mineral Sands

The more valuable components of a heavy mineral sands deposit include the titanium oxide minerals ilmenite, rutile and zircon. Ilmenite and rutile are used to produce titanium dioxide pigment used in the production of paint, paper, plastic, textiles, rubber and pharmaceutical products. Zircons are commercially mined for the metal zirconium, and are used for abrasive and insulating purposes.

 

END

 

 

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