Further re. enforcement of English costs orders

Released : 12 Dec 2016 17:01

RNS Number : 6219R
Pathfinder Minerals Plc
12 December 2016
 

12 December 2016

 

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Further re. enforcement of English costs orders

Pursuant to orders by the English High Court on 23 August 2016 for the sale of a total of 19,824,000 shares in the Company held by JV Consultores Internacionais Limitada (a company controlled by Jacinto Veloso) and Diogo Cavaco (together the "Defendants") (the "Orders for Sale"), Pathfinder announces that it has sold all of the 11,012,000  shares formerly held by JV Consultores Internacionais Limitada  for a consideration of 0.8325 pence per share, generating gross proceeds of £91,675 for the Company. The proceeds will further aid Pathfinder in pursuing the recovery of its mining licences.

The Orders for Sale were granted as a result of the Defendants' failure to comply with any of the orders for costs awarded against them in respect of the English High Court proceedings brought by Pathfinder in 2012.

As a result of the sale, the Defendants no longer hold any shares in the Company. The sale of these existing shares does not dilute the Company's issued share capital.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. +44 (0)20 3440 7775

 

WH Ireland Limited (Nomad and Joint Corporate Broker)

Paul Shackleton or James Bavister

Tel. +44 (0)20 7220 1666

 

Beaufort Securities Limited

Jon Belliss or Elliot Hance

Tel. +44 (0)20 7382 8300

 

Vigo Communications (Public Relations)

Ben Simons or Ali Roper

Tel. +44 (0)20 7830 9700

Email. pathfinderminerals@vigocomms.com

 

Notes to Editors:

Pathfinder Minerals Plc is incorporated in England & Wales 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.

 


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