Last checked at 14 Jun 2023 16:27
14 June 2023
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Update re Sale of IM Minerals
Further to the Company's announcements during May 2023 regarding the disposal of IM Minerals Limited, a wholly owned subsidiary of Pathfinder, to Acumen Advisory Group LLC ("AAG") and, with it, the rights to bring a claim against the Government of Mozambique for the expropriation of Mining Concession 4623C, Pathfinder has been advised by AAG that AAG's UK legal counsel ("AAG Counsel") has received approximately £1.1 million into its client account.
These funds are being held to order by AAG Counsel and, together with additional funds which are expected to be received into AAG Counsel's client account in due course, will be used to satisfy the initial consideration payable by AAG to Pathfinder pursuant to the sale and purchase agreement, and therefore facilitate completion of the disposal. A further announcement will be made as and when appropriate.
Enquiries:
Pathfinder Minerals Plc
Peter Taylor, Chief Executive Officer
Tel. +44 (0)20 3143 6748
Strand Hanson Limited (Nominated & Financial Adviser and Broker)
James Spinney / Ritchie Balmer / Abigail Wennington
Tel. +44 (0)20 7409 3494
Vigo Consulting (Investor Relations)
Ben Simons / Kate Kilgallen
Tel. +44 (0)20 7390 0234
Email. pathfinderminerals@vigoconsulting.com
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").