TIDMPFP
RNS Number : 8213E
Pathfinder Minerals Plc
23 October 2018
23 October 2018
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Subscription and Directors' Dealings
Pathfinder announces that it has conditionally raised GBP150,000
via a subscription for 11,111,106 new ordinary shares of 0.1p each
in the capital of Company ("Ordinary Shares") (the "Subscription
Shares") at a price of 1.35p per share (the "Subscription Price")
with new and existing investors (the "Subscription"), including
certain Directors. The proceeds from the Subscription are to be
utilised for general working capital purposes and are expected to
provide the Company with sufficient working capital to operate
through the first quarter 2019.
The Subscription Price represents a premium of approximately 6
per cent over the middle market closing price of the Company's
Ordinary Shares on 22 October 2018 (the latest practicable date
prior to this announcement) of 1.275p per share.
Pursuant to the Subscription, the Company will issue to the
holders of the Subscription Shares one warrant to subscribe for one
new Ordinary Share for every Subscription Share subscribed for by
them with an exercise price of 1.75p (the "Warrants"), exercisable
for a period of three years from the date of the admission to
trading on AIM ("Admission") of the Subscription Shares. The
Subscription is conditional only on Admission.
Simon Farrell, Non-Executive Co-Chairman, and Scott Richardson
Brown, Chief Executive Officer, have each subscribed for 1,851,851
Subscription Shares and, accordingly, will each also be issued
1,851,851 Warrants on Admission. Mr Farrell and Mr Richardson Brown
will each be interested in 0.7 per cent of the Company's issued
share capital following the issue of the Subscription Shares and
the Fee Shares (see below).
Additionally, the Company will issue 6,000,000 new Ordinary
Shares to satisfy fees for certain UK corporate services to a
non-related party (the "Fee Shares").
The Subscription Shares and the Fee Shares will be credited as
fully paid and will rank pari passu in all respects with the
existing Ordinary Shares in the capital of the Company, including
the right to receive all dividends and other distributions
declared, made or paid in respect of such Ordinary Shares.
The Company will apply for Admission of the Subscription Shares
and the Fee Shares and this is expected to take place on or around
2 November 2018. Following Admission, the Company's issued share
capital will consist of 272,930,288 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 Guidance and Transparency Rules.
Related Party Transaction
As Directors of the Company, the participation of Mr Farrell and
Mr Richardson Brown in the Subscription is a related party
transaction pursuant to Rule 13 of the AIM Rules for Companies.
Accordingly, Sir Henry Bellingham, being the independent Director
in relation to the Directors' participation in the Subscription,
considers, having consulted with the Company's Nominated Adviser,
Strand Hanson Limited, that the terms of the Directors'
participation in the Subscription are fair and reasonable insofar
as the Company's shareholders are concerned.
Scott Richardson Brown, Chief Executive Officer, commented:
"The new management team continues to work on potential licence
recovery solutions including through renewed dialogue with the
relevant parties. The timing or outcome of the process cannot
currently be estimated; however, the board's objective is to
deliver a resolution as expeditiously as circumstances permit. At
the same time, we are continuing to keep the cost base low and to
take out any unnecessary costs where possible. Barring unforeseen
circumstances, the Subscription is expected to provide the Company
with sufficient working capital to operate through the first
quarter of next year."
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
Scott Richardson Brown, Chief Executive Officer
Tel. +44 (0)20 3440 7775
Strand Hanson Limited (Nominated & Financial Adviser and
Broker)
James Spinney / Ritchie Balmer / Jack Botros
Tel. +44 (0)20 7409 3494
Vigo Communications (Public Relations)
Ben Simons or Kate Rogucheva
Tel. +44 (0)20 7390 0234
Email. pathfinderminerals@vigocomms.com
PDMR Notifications
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Simon Farrell
2. Scott Richardson Brown
-------------------------------- ---------------------------------
2. Reason for the Notification
-------------------------------------------------------------------
a) Position/status 1. Non-Executive Co-Chairman
2. Chief Executive Officer
-------------------------------- ---------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- ---------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Pathfinder Minerals PLC
-------------------------------- ---------------------------------
b) LEI 2138009YG6AG3K86TN77
-------------------------------- ---------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
-------------------------------------------------------------------
a) Description of the Financial Ordinary shares of 0.1p each
instrument, type of instrument
-------------------------------- ---------------------------------
Identification code GB00BYY0JQ23
-------------------------------- ---------------------------------
b) Nature of the Transaction Subscription for ordinary shares
-------------------------------- ---------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1. 1.35 pence 1,851,851
2. 1.35 pence 1,851,851
-----------
-------------------------------- ---------------------------------
d) Aggregated information N/A
Aggregated volume price
-------------------------------- ---------------------------------
e) Date of the transaction 22 October 2018
-------------------------------- ---------------------------------
f) Place of the transaction AIM (LSE)
-------------------------------- ---------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Simon Farrell
2. Scott Richardson Brown
-------------------------------- -----------------------------------
2. Reason for the Notification
---------------------------------------------------------------------
a) Position/status 1. Non-Executive Co-Chairman
2. Chief Executive Officer
-------------------------------- -----------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- -----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name Pathfinder Minerals PLC
-------------------------------- -----------------------------------
b) LEI 2138009YG6AG3K86TN77
-------------------------------- -----------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
---------------------------------------------------------------------
a) Description of the Financial Warrants to subscribe for ordinary
instrument, type of instrument shares of 0.1p each
-------------------------------- -----------------------------------
Identification code GB00BYY0JQ23
-------------------------------- -----------------------------------
b) Nature of the Transaction Issue of warrants to subscribe for
ordinary shares
-------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1. 1.75 pence 1,851,851
2. 1.75 pence 1,851,851
-----------
-------------------------------- -----------------------------------
d) Aggregated information N/A
Aggregated volume price
-------------------------------- -----------------------------------
e) Date of the transaction 22 October 2018
-------------------------------- -----------------------------------
f) Place of the transaction AIM (LSE)
-------------------------------- -----------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOELLFFTIDLFFIT
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October 23, 2018 02:00 ET (06:00 GMT)
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