Issue of Equity

RNS Number : 2575Y

Pathfinder Minerals Plc

01 March 2017

 

1 March 2017

This announcement contains inside information

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Issue of Equity

Pathfinder announces that it has raised gross proceeds of £200,000 via a placing of 20,000,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 1p per share (the "Placing"). The proceeds will provide with Company with additional working capital security as it pursues 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 will apply for the admission of the Placing shares to trading on AIM and this is expected to take place on or around 7 March 2017 ("Admission"). Following Admission, the Company's issued share capital will consist of 180,255,079 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure of 180,255,079 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.

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 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

 

 

IOELLFVSVDILIID