Transaction with a Related Party

RNS Number : 4285O

Pathfinder Minerals Plc

17 May 2018

 

17 May 2018

Pathfinder Minerals plc

("Pathfinder" or the "Company")

Transaction with a Related Party

Pathfinder notes recent online media allegations against its chief executive officer, Nicholas Trew, in relation to a personal loan application in 2016. The Company has investigated the matter and is satisfied that Mr Trew provided relevant details in his loan application and that there was no wrongdoing by Mr Trew.

In February 2016, Mr Trew elected to receive £7,450 of his deferred salary entitlement and subsequently elected to return this amount to the Company. As result of the investigation, the Company announces that the return to the Company of this sum of deferred salary entitlement constitutes a transaction with a related party and should have been separately disclosed as such in the Company's financial statements for the year ended 31 December 2016. This was instead accounted for as part of the deferred salary owed to directors in those financial statements. There is no interest chargeable on this amount nor any set repayment date.

Enquiries:          

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Corporate Broker)

James Joyce or Jessica Cave

Tel. [phone]

Vigo Communications (Public Relations)

Ben Simons or Kate Rogucheva

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.

 

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