Pathfinder Minerals PLC - AIM cash shell seeking reverse takeover - Agrees to buy Rome Resources Ltd in a reverse takeover that involves an equity raise and relisting on AIM in London. Pathfinder raises GBP1.3 million from a subscription to 425.0 million new shares at 0.30 pence per share. Each two new shares come with a warrant that can be used to buy another new share at 0.45p within the next two years. Its shares are suspended from trading on AIM on Wednesday due to the reverse takeover. They last traded at 0.28p on Tuesday. Pathfinder will use the funds raised to give Rome Resources an unsecured loan of CAD2.5 million, about GBP1.5 million. Rome Resources is listed on the TSX Venture Exchange in Toronto, where it has a market capitalisation of CAD20.8 million, about GBP12.1 million.
Rome Resources has option agreements to acquire 51% indirect interests in two contiguous properties located in the North Kivu Province of eastern Democratic Republic of Congo. The properties are known as the Bisie North tin project. "We are extremely excited to announce the entry into non-binding heads of terms for the proposed acquisition, says Pathfinder Executive Director Paul Barrett. "Historically the UK market has been a natural home for exploration companies with operations in Africa."
By Tom Waite, Alliance News editor
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Pathfinder Minerals (PFP)