Last checked at 31 Mar 2016 07:00
Embargoed: 0700hrs, 31 March 2016
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Issue of Equity
Further to the subscription announced on 17 March 2016, the Company is pleased to announce that investor demand through the PrimaryBid platform has led to the raising of a further £100,000 through a subscription for 9,090,909 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 1.1p per share (the "Subscription"). The Subscription price represented a 15% discount to the closing price on 30 March 2016 and a premium of 24% to the price of the previous subscription which took place on 17 March 2016. The proceeds of the Subscription will provide the Company with the ability to continue pursuing the recovery of its mining licences.
The Company has applied for the admission of the Subscription shares to trading on AIM which is expected to take place on or around 7 April 2016 ("Admission"). Following Admission, the Company's issued share capital will consist of 136,831,656 Ordinary Shares with no Ordinary Shares held in treasury. Therefore the above figure of 136,831,656 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Pathfinder under the FCA's Disclosure and Transparency Rules.
PrimaryBid is an online investment platform that allows investors to gain access to placings, fund raisings and IPOs of AIM-listed companies.
Nick Trew, CEO, commented:
"I am pleased that the PrimaryBid platform has facilitated this additional investment into Pathfinder as we continue the strategy to recover our assets and ultimately to progress their development."
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Broker)
Paul Shackleton or Mark Leonard
Tel. +44 (0)20 7220 1666
Vigo Communications (Public Relations)
Ben Simons or Ali Roper
Tel. +44 (0)20 7830 9704
Email. pathfinderminerals@vigocomms.com
PrimaryBid
Dave Mutton or Anand Sambasivan
Tel. +44 (0)20 7491 6519
Email. dave@primarybid.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England & Wales and is admitted to trading on the AIM market of the London Stock Exchange.
CMdN, a subsidiary of Pathfinder, was issued mining concession licences 760C and 4623C on 13 September 2004 and 13 July 2011 respectively, each for a period of twenty-five years. Taken together, these mining concessions cover approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.
As announced on 3 February 2012, ownership of these licences is being disputed.