Response to Speculation

RNS Number : 8979I

Pathfinder Minerals Plc

26 March 2018

 

26 March 2018

Pathfinder Minerals plc

("Pathfinder Minerals" or the "Company")

Response to Speculation

Pathfinder Minerals notes speculation on the Internet regarding a placing of the Company's shares at 0.6 pence per share. While the Board continues to consider options to ensure the Company has sufficient working capital, including the contemplation of a placing of up to 75,000,000 shares, the Company confirms that no terms for a fundraising have been agreed. A further announcement will be made when appropriate.

The Board further notes comments regarding the Mozambique Government's purported cancellation of the licences previously registered to the Company's licence-holding subsidiary ("CMdN") and the granting of a new licence to Pathfinder Moçambique, S.A. These comments are inaccurate. CMdN was issued mining concession licences 760C and 4623C on 13 September 2004 and 13 July 2011 respectively. The issuance of licence 4623C to CMdN was announced by the Company on 21 July 2011. In 2012, the Company discovered that licence 760C had been combined with 4623C and that subsequently Jacinto Veloso and Diogo Cavaco had procured the transfer of the same licence 4623C to Pathfinder Moçambique, S.A. (a company unconnected with Pathfinder Minerals).

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. [phone]

WH Ireland Limited (Nomad and Corporate Broker)

James Joyce or Jessica Cave

Tel. [phone]

Vigo Communications (Public Relations)

Ben Simons or Kate Rogucheva

Tel. [phone]

Email. [e-mail]

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.

 

END

 

 

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