Pathfinder Minerals PLC - Mozambique-focused natural resources explorer - Announces placing of 60.0 million shares to raise GBP300,000, before expenses, at 0.50 pence each. Says the net proceeds will provide the company with additional working capital as it pursues the recovery of its mining licences in Mozambique. Says it now has the necessary tools in place to enable it to monetise its Mozambique licences either through a litigation-funded legal claim against the government of Mozambique or, should a diplomatic resolution be achieved, through the development of the project by a strategic partner. Says either outcome should, if achieved, result in a "significant recovery of value to Pathfinder shareholders".
Current stock price: 0.64 pence; up 11% on Friday
Year-to-date change: up 28%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Pathfinder Minerals (PFP)