Warrant Exercise, CLN Repayment and TVR

RNS Number : 9882X

Pathfinder Minerals Plc

03 September 2020

 

3 September 2020

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Warrant Exercise, CLN Repayment and TVR

Pathfinder announces that it has received notices of the exercise of warrants to subscribe for a total of 11,000,000 new ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares"). These warrants were issued as part of the Company's Convertible Loan Note fundraising announced on 3 April 2020 ("April 2020 CLN") and the exercise price of these warrants was 0.6p per warrant. 

The warrants have been exercised by three subscribers to the April 2020 CLN including John Taylor, a director of the Company, who has given notice to exercise 3,000,000 warrants in issue to him, and Richard Jennings, who has given notice to exercise 5,000,000 warrants in issue to him. Following the exercise and corresponding issue of new Ordinary Shares, John Taylor will have a holding of 3,300,000 Ordinary Shares and Richard Jennings, who, together with his related parties, Align Research and C. A. Jennings, will have a holding of 37,076,923 Ordinary Shares.

As documented in the CLN agreement, the funds received by the Company in relation to the exercise of these warrants will be netted off against the principal repayments due to the applicable CLN holders on 1 December 2020. As such, the outstanding principal amount has reduced from £175,000 to £109,000. 

The interest due on the CLN has also been reduced as a result of the exercise of warrants from £9,359 to £6,752 at expiry on 1 December 2020. No other terms of the April 2020 CLN have been affected.

Application for Admission to Trading on AIM and Total Voting Rights

Application will be made for the 11,000,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 9 September 2020.

Upon Admission, the Company's issued share capital will consist of 371,223,831 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 371,223,831. With effect from Admission, this figure may be used by shareholders in the Company 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, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Interim Accounts Publication

In line with the guidance issued by AIM Regulation in an Inside AIM notification dated 9 June 2020, and the ongoing COVID-19 related disruption to processes, the Company is availing of the one month extension to the date by which it is required under AIM Rule 18 to publish its interim accounts for the six months ended 30 June 2020. Accordingly, the Company is required to publish its 2020 interim accounts by 31 October 2020.

Enquiries: 

Pathfinder Minerals Plc

Peter Taylor, Chief Executive Officer

Tel. +44 [phone]

Strand Hanson Limited (Nominated & Financial Adviser and Broker)

James Spinney / Ritchie Balmer / Jack Botros

Tel. [phone]

Vigo Communications (Public Relations)

Ben Simons / Simon Woods

Tel. [phone]

Email. [e-mail]

Novum Securities Limited (Broker)

Colin Rowbury / Jon Belliss

Tel. [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

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