Pathfinder Minerals Plc Issue of Equity & Proposed Board Changes (5728N)
10 May 2018 - 2:13AM
UK Regulatory
TIDMPFP
RNS Number : 5728N
Pathfinder Minerals Plc
09 May 2018
9 May 2018
Pathfinder Minerals plc
("Pathfinder" or the "Company")
Issue of Equity
&
Proposed Board Changes
Pathfinder announces that it has raised GBP250,000 via a
subscription for 25,000,000 ordinary shares of 0.1p each in the
Company ("Ordinary Shares") at a price of 1p per share (the
"Subscription"). The proceeds from the Subscription will provide
the Company with additional working capital as it pursues the
recovery of the mining licences previously registered to its
subsidiary in Mozambique under mining concession licences 760C and
4623C.
Pursuant to the Subscription, the Company will issue one warrant
for each Subscription share with a conversion price of 1.5p, valid
for a period of three years from the date of grant.
The Company will apply for the admission of the Subscription
shares to trading on AIM and this is expected to take place on or
around 15 May 2018 ("Admission"). Following Admission, the
Company's issued share capital will consist of 255,819,182 Ordinary
Shares with no Ordinary Shares held in treasury. Therefore, the
above figure 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.
In addition, Pathfinder is pleased to announce that it intends,
subject to customary directorate appointment regulatory due
diligence, to appoint Blair Sergeant and Simon Farrell to the board
as Chief Executive Officer and Non-executive Co-chairman
respectively.
Mr Sergeant is an experienced mining financier and company
director. Mr Sergeant was the Founding Managing Director of Lemur
Resources Limited, an ASX-listed Madagascar coal exploration and
development company, and was the Finance Director of AIM-listed
Coal of Africa Limited between January 2008 and April 2011, where
he worked alongside its Founding Managing Director and Chief
Executive Officer, Mr Farrell. Mr Sergeant graduated from Curtin
University, Western Australia with a Bachelor of Business and,
subsequently, a Post Graduate Diploma in Corporate Administration.
He is a member of the Institute of Chartered Secretaries and
Administrators and an Associate of the Australian Society of
Certified Practising Accountants.
Mr Farrell is a mining entrepreneur who has held a number of
senior management and board positions, principally in the natural
resources sector, over the past 30 years. Mr Farrell was between
2000 and 2013 a Non-executive Director of Kenmare Resources plc,
which operates the Moma Titanium Minerals Mine on the north east
coast of Mozambique and is listed on the Main Market of the London
Stock Exchange. He was also the Founding Managing Director and
Chief Executive Officer of AIM-listed Coal of Africa Limited. Mr
Farrell has a Bachelor of Commerce degree from the University of
Western Australia, an MBA from the Wharton School of the University
of Pennsylvania and is a Fellow of the Australian Society of
Certified Practising Accountants.
It is intended that, upon the appointments of Mr Sergeant and Mr
Farrell to the board of Pathfinder, Nick Trew, the Company's Chief
Executive Officer, will become Executive Director, Sir Henry
Bellingham, the Company's Non-executive Chairman, will become
Non-executive Co-chairman and Robert Easby, the Company's Finance
Director, will step down from the board but will continue to
oversee the finance and company secretarial functions. A further
announcement concerning the proposed appointments of Mr Sergeant
and Mr Farrell will be made in due course.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Corporate Broker)
James Joyce or Jessica Cave
Tel. +44 (0)20 7220 1666
Vigo Communications (Public Relations)
Ben Simons or Kate Rogucheva
Tel. +44 (0)20 7830 9700
Email. pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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