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(Alliance News) - Pathfinder Minerals PLC shares dropped on Wednesday, after it said it has extended its timeline for the sale of its wholly owned subsidiary IM Minerals Ltd.
Shares in the Mozambique-focused natural resources explorer were down 10% to 0.47 pence each in Wednesday around midday.
At the start of February, Pathfinder said it received a notice for the exercise of the exclusive option granted to Acumen Advisory Group LLC to buy IM Minerals Ltd, a wholly owned subsidiary of Pathfinder. The option agreement includes the rights to bring a claim against the government of Mozambique for the expropriation of mining concession 4623C.
Pathfinder explained that it is obligated to enter into a conditional binding sale & purchase agreement with Acumen Advisory, for the sale of IM Minerals on February 21.
This date has now been extended by mutual agreement to March 21.
Pathfinder said it is considering bringing forward its general meeting, so that the transaction can completed with minimum of disruption to the timeline.
By Sophie Rose, Alliance News reporter
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