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(Alliance News) - Pathfinder Minerals PLC on Wednesday said it raised GBP500,000 through the issue and allotment of 100.0 million new shares priced at 0.5p each.
Pathfinder Minerals shares surged 41% to 0.6 pence on Wednesday morning in London.
Meanwhile, the Mozambique-focused natural resources explorer noted 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.
It includes a binding commitment by AAG to start legal proceedings against Mozambique's government within three months of completion of the SPA.
Further, Pathfinder is entitled to a "ontingent payment by AAG of USD24 million or 20% of net recoveries (whichever is greater) from any award or settlement of the claim."
By Tom Budszus, Alliance News reporter
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