Pathfinder raises £150k

23rd October 2018 By: Creamer Media Reporter

London-listed Pathfinder Minerals, which seeks to mine heavy mineral sands in Mozambique, has conditionally raised £150 000 through a share subscription with new and existing investors, including nonexecutive cochairperson Simon Farrell and CEO Scott Brown.

The proceeds from the subscription will be used for general working capital purposes, Pathfinder reported on Tuesday.

"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," said Brown.

Pathfinder said that the 1.35p a share subscription price was a premium of about 6% over the middle market closing price of the company's ordinary shares on Monday.