Issue of Equity

RNS Number : 3678S

Pathfinder Minerals Plc

17 March 2016

 

Pathfinder Minerals Plc

("Pathfinder" or "the Company")

Issue of Equity

Further to the announcement on 16 March 2016, Pathfinder announces that it has today raised £200,000 through a subscription for 24,024,024 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 0.8325p per share (the "Subscription"). The Subscription price represented a 10% discount to the closing price on 16 March 2016. As mentioned in the Company's announcement of 2 March 2016, the proceeds of the subscription will provide the Company with the ability to continue pursuing the recovery of the Licences, while seeking other sources of funding.

Half of the subscription was made by Nick Trew, the Company's CEO, and accordingly is a Related Party Transaction as defined by the AIM Rules for Companies. Sir Henry Bellingham MP, who is the sole independent director for the purposes of the Subscription, considers, having consulted with the Company's Nominated Adviser, WH Ireland Limited, that the terms of the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.

The Company has applied for the admission of the Subscription shares to trading on AIM which is expected to take place on or around 22 March 2016 ("Admission"). Following Admission, the Company's issued share capital will consist of 127,740,747 Ordinary Shares with no Ordinary Shares held in treasury. Therefore the above figure of 127,740,747 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.

Following the Subscription, Mr Trew is interested in 21,449,735 Ordinary Shares, representing 16.79% of the issued share capital of the Company.

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 & Wales 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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