Pathfinder Minerals Plc Update re Sale of IM Minerals: Result of Meeting (1610Z)
11 Mayo 2023 - 11:00AM
UK Regulatory
TIDMPFP
RNS Number : 1610Z
Pathfinder Minerals Plc
11 May 2023
11 May 2023
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Update re Sale of IM Minerals:
Result of General Meeting
Further to the announcement on 22 March 2023 regarding a sale
and purchase agreement (the "SPA") with Acumen Advisory Group LLC
("AAG") with respect to the disposal (the "Disposal") of IM
Minerals Limited, a wholly owned subsidiary of Pathfinder, and,
with it, the rights to bring a claim against the Government of
Mozambique for the expropriation of Mining Concession 4623C (the
"Claim"), the Company confirms that the Disposal was approved by
shareholders at the General Meeting held earlier today. A breakdown
of the proxy votes is included in the appendix below.
In accordance with the SPA, completion of the Disposal (which is
subject to receipt of the GBP2 million initial consideration ahead
of time) is expected to occur on or around 15 May 2023
("Completion").
The SPA includes, inter alia, a binding commitment by AAG to
commence legal proceedings against the Government of Mozambique in
respect of the Claim within three months of Completion, with AAG
confirming that it has secured at least US$15 million to fund the
Claim and will use its best endeavours to settle and/or finalise
the Claim within five years; and a contingent payment to be made by
AAG to Pathfinder of the greater sum of US$24 million or 20% of net
recoveries from any settlement or determination of the Claim.
On completion of the Disposal, the Company will cease to own,
control, or conduct all, or substantially all, of its existing
business activities or assets. Accordingly, if the Disposal
completes, the Company will be classified as an AIM Rule 15 cash
shell and, as such, will be required to make an acquisition or
acquisitions which constitute a reverse takeover under AIM Rule 14
(or seek re-admission as an investing company (as defined under the
AIM Rules)), on or before the date falling six months from
completion of the Disposal, failing which the Company's Ordinary
Shares would be suspended from trading on AIM pursuant to AIM Rule
40. Admission of the Company's Ordinary Shares to trading on AIM
would be cancelled six months from the date of suspension should
the Company not complete such a transaction during this time.
The Board is evaluating opportunities in the sectors it
considers appropriate, seeking to identify one or more projects or
assets which the Company can acquire, which would constitute a
reverse takeover under AIM Rule 14. The directors are confident
that the initial consideration payable in respect of the Disposal
of GBP2 million will be sufficient to cover the costs of a reverse
takeover under AIM Rule 14 and provide initial working capital for
the then enlarged group.
Any reverse takeover transaction will require the publication of
an AIM Rules compliant admission document and will be subject to
shareholder approval at a further general meeting of the Company to
be convened at the appropriate time.
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 / Rob Patrick
Tel. +44 (0)20 7409 3494
Vigo Consulting (Investor Relations)
Ben Simons / Charlie Neish / Kate Kilgallen
Tel. +44 (0)20 7390 0234
Email. pathfinderminerals@vigocomms.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").
APPENDIX
The table below shows the proxy votes received on the resolution
proposed at the General Meeting. The full text of the resolutions
is contained in the Notice of General Meeting published on 21 April
2023, which is available on Pathfinder's website at
www.pathfinderminerals.com .
Total % of
Votes Votes no. votes ISC(**)
Resolution For % Against % cast Votes Withheld
1(*) 207,905,942 99.99 1,000 <0.01 207,906,942 32.87 0
(*) Special resolution
(**) Issued Share Capital
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