Pathfinder Minerals PLC - natural resources company with licences to mine heavy minerals sands in Mozambique - Confirms disposal of IM Minerals Ltd, a wholly owned subsidiary of Pathfinder, to Acumen Advisory Group was approved by shareholders at its general meeting held on Thursday. Adds on completion of the disposal, the company will cease to own substantially all of its existing business activities or assets and will be classified as an AIM Rule 15 cash shell. As such, company will be required to make an acquisition or acquisitions which constitute a reverse takeover within six months to avoid shares being suspended. States board is evaluating opportunities in the sectors it considers appropriate, seeking to identify one or more projects or assets which the company can acquire.
Current stock price: 0.48 pence, down 3.8% in London on Thursday
12-month change: down 16%
By Jeremy Cutler, Alliance News reporter
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Pathfinder Minerals (PFP)