16 April
2024
Pathfinder Minerals
plc
("Pathfinder" or the
"Company")
Update on Proposed Acquisition of Rome
Resources
Pathfinder Minerals PLC (AIM: PFP), an AIM Rule
15 cash shell, announces that it has agreed with Rome
Resources Ltd ("Rome
Resources") to amend the heads of terms previously announced
by Pathfinder on 29 November 2023 in relation to the proposed
acquisition of the entire issued share capital of Rome Resources
(the "Proposed
Acquisition") (together the "Amendment Agreement").
As part of the original non-binding heads of
terms announced on 29 November 2023 by Pathfinder in relation to
the Proposed Acquisition, the headline consideration payable
pursuant to the Proposed Acquisition was stated as £15,940,891 or
CA$27,418,332 using an exchange rate of 1.72 GBP:CAD, to be settled
by the issue of 3,188,178,220 new ordinary
shares of 0.1 pence each (based on an implied Pathfinder share
price of 0.5p) in the capital of Pathfinder. This would constitute
in aggregate approximately 68.98% of the enlarged share capital of
Pathfinder.
Pursuant to the Amendment Agreement, the
headline consideration now payable under the non-binding heads of
terms to shareholders of Rome Resources by Pathfinder
will be £11,757,897 or CA$20,223,583
using an exchange rate of 1.72 GBP:CAD, to be settled by the
issue of 2,351,579,421 new ordinary shares
of 0.1 pence each in the capital of Pathfinder ("Consideration Shares"). This
constitutes in aggregate approximately 68.98% of the enlarged share
capital of Pathfinder. As a result of the Amendment Agreement, for
every one Rome Resources share held, Rome Resources shareholders
are now anticipated to receive 19.54 Consideration
Shares.
Pathfinder has also agreed to extend
the previously announced long-stop date of 15 April 2024 to 21 June
2024.
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