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(Clarifying current state of Pathfinder's Mozambique licence dispute.)
LONDON (Alliance News) - Pathfinder Minerals PLC on Wednesday said it remains unable to provide visibility on when the court case involving its mining licences in Mozambique will be concluded and said it was in talks about raising financing.
The company said it continues to await information from local authorities in Mozambique on pending judgements involving its 760C and 4632C licences in the Zambezia Province. It said no visibility on any judgement has yet been provided.
Pathfinder is attempting to regain control of the licences, which are the subject of a commercial dispute currently ongoing in Mozambique.
Pathfinder has claimed the rights to the licences in Mozambique were illegally seized by General Jacinto Veloso and Diogo Cavaco and is seeking a judgement from the Mozambique court to rule it validly acquired its shareholding in Companhia Mineira de Naburi Sarl, the company awarded the licences. Veloso and Cavaco, however, said Pathfinder failed to pay the USD10.0 million required under the option agreement in place to acquire the shares in CMdN, meaning these licences could not have been seized as Pathfinder never owned them.
Pathfinder also said its directors are in talks which could lead to placing new shares to provide the company with additional working capital to cover it for the next three months, during which time it will seek to raise more funding.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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