Issue of Equity

RNS Number : 6283Q

Pathfinder Minerals Plc

01 December 2016

 

1 December 2016

This announcement contains inside information

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Issue of Equity

&

Appointment of Joint Corporate Broker

Pathfinder announces that it has raised gross proceeds of £150,000 via a placing of 18,018,018 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 0.8325p per share (the "Placing"). The proceeds will further aid Pathfinder in pursuing the recovery of its mining licences with the ultimate objective of resuming the development of the Moebase and Naburi mineral sand deposits in Mozambique.

The Company has applied for the admission of the Placing shares to trading on AIM and this is expected to take place on or around 15 December 2016 ("Admission"). Following Admission, the Company's issued share capital will consist of 160,255,079 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure of 160,255,079 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.

The Company also announces that Beaufort Securities Limited, the sole placing agent, has been appointed as joint corporate broker to Pathfinder with immediate effect.  

Enquiries:                                                                                                        

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Joint Corporate Broker)

Paul Shackleton or James Bavister

Tel. [phone]

Beaufort Securities Limited (Joint Corporate Broker)

Jon Belliss or Elliot Hance

Tel. [phone]

Vigo Communications (Public Relations)

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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