Last checked at 27 Feb 2024 07:00
27 February 2024
Pathfinder Minerals plc
("Pathfinder" or the "Company")
Update on Rome Resources
Pathfinder Minerals PLC (AIM: PFP), an AIM Rule 15 cash shell, notes the announcement made by Rome Resources Ltd ("Rome Resources") on 26 February 2024, detailing, inter alia, that Rome Resources has commenced extension diamond drilling on its Kalayi and Mont Agoma Prospects on PEPM 13274 and PR 15130 respectively (together the "Bisie North Tin Project").
On 29 November 2023, Pathfinder announced, inter alia, that it had entered into non-binding heads of terms regarding a potential acquisition of the entire issued and to be issued share capital of Rome Resources by Pathfinder (the "Proposed Acquisition"). Related to the Proposed Acquisition, Pathfinder also simultaneously announced that it had agreed to lend Rome Resources up to CA$2,500,000.00 on an unsecured basis (the "Loan"). In this regard, Pathfinder is pleased to note that the Loan, which was integral to entering the non-binding heads of terms in relation to the Proposed Acquisition, has enabled Rome Resources to progress activities in relation to the Bisie North Tin Project.
The Company is pleased with the progress made to date in relation to the Proposed Acquisition and all advisers are continuing to work hard on the proposed transaction to bring it to fruition. In this respect, Pathfinder is pleased to have engaged MSA Group (Pty) Ltd ("MSA") to undertake a Competent Persons Report on the Bisie North Tin Project and the Company will update the market in due course.
The Rome Resources announcement is available for viewing on the SEDAR+ website.
Enquiries:
Pathfinder Minerals Plc
Paul Barrett, Executive Director
Tel. +44 (0)20 3143 6748
Allenby Capital Limited (Nominated Adviser and Broker)
John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)
Stefano Aquilino / Joscelin Pinnington (Sales & Corporate Broking)
Tel. +44 (0)20 3328 5656